Venezuela crude exports to US, India rise in May as output climbs

Venezuelan crude exports to the US and India increased in May, extending a shift in trade flows that has seen the Latin American producer diversify its customer base, according to S&P Global Commodities at Sea.

Exports to the US rose to 17.1 million barrels in May, while Indian receipts climbed to 13.5 million barrels, as refiners stepped up purchases of heavy crude, CAS data showed June 1.

US imports of Venezuelan crude reached their highest in almost eight years in the week ended May 15, according to US Energy Information Administration data released May 20. India has emerged as one of the main beneficiaries of the new trade pattern. CAS data show Indian refiners increased purchases from Venezuela as they sought alternatives to Middle Eastern supplies disrupted by restrictions on shipping through the Strait of Hormuz.

Total Venezuelan exports rose to 35.3 million barrels in May, up from 32.6 million barrels in April and 22.1 million barrels in May 2025, the data showed.

The increase in exports comes as Venezuela continues to benefit from a supply agreement with Washington and eased sanctions that have allowed a broader range of customers to access the country's crude.

In contrast, shipments to China remained absent for a fifth straight month, underscoring a reversal from previous years when Chinese buyers routinely accounted for the largest share of Venezuela's exports.

The change in Venezuela's geopolitical conditions has also enabled higher output.

In May, the average production by Venezuelan state oil company PDVSA and its foreign partners rose to 1.155 million b/d, compared to 1.130 million b/d in April, according to preliminary data from the Ministry of Hydrocarbons.

The report contains unofficial information that can change after consolidation. The preliminary data does not include condensate production, which is estimated at 60,000 b/d for May, according to the report.

Production in the Orinoco Belt, Venezuela's main oil-producing area, rose to 650,000 b/d in May, 20,000 b/d higher than in April, according to the report.

PDVSA expects to reach crude oil production of 1.37 million b/d by December, an increase of 430,000 b/d from the 940,000 b/d recorded in January, said the company's executive vice president, Jovanny Martinez, in a presentation to oil industry executives in Caracas on April 27.