Venezuela's oil exports rose to 1.25 million barrels per day in May, marking the third consecutive month of growth. This was reported by Reuters, citing shipping data, according to UNN.
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According to the agency, shipment volumes were 0.7% higher than in April and 61% higher than in May last year. The growth was driven by increased exports to the US, India, and European countries following the easing of US sanctions and the expansion of foreign companies' activities in Venezuela's oil sector.
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The United States remained the largest buyer of Venezuelan oil in May, importing about 558,000 barrels per day. India purchased 427,000 barrels per day, and European countries took 169,000. In total, Venezuela shipped 67 cargoes of crude oil and petroleum products during the month.
Caracas expects to ramp up production
Venezuela's Ministry of Petroleum predicts that production will reach 1.37 million barrels per day by the end of 2026. This would be the highest level since the imposition of US energy sanctions in 2019.
Thanks to the recovery in production, the country is also returning to markets where it could not supply oil in recent years, and international traders are increasingly ramping up purchases of Venezuelan crude.
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