Venezuela's Crude Oil Exports Surge 61% YoY to 1.25M bpd, Highest in 7 Years

Venezuela's crude oil exports reached 1.25 million barrels per day (bpd) in May, up 61% year-on-year and the highest in seven years, according to data cited by The Kobeissi Letter. A total of 67 cargoes were exported from Venezuelan ports during the month.

The surge was led by increasing shipments to the United States at approximately 558,000 bpd, India at about 427,000 bpd, and Europe at roughly 169,000 bpd. Since November 2025, Venezuelan oil exports have risen 150%, or around 750,000 bpd, following the US easing of sanctions on the country's oil industry after the capture of President Nicolás Maduro earlier this year.

Venezuela's oil ministry is now targeting output of 1.37 million bpd by year-end, which would represent a 22% increase from 2025 levels and the highest since US sanctions were first imposed in 2019. Venezuelan crude is increasingly flowing back into global markets.