Venezuela's oil exports fell slightly in July, cargoes to US rose

• U.S. shipments jumped dramatically to 786,000 bpd in July from just 284,000 bpd in January, representing the bulk of Venezuela's total exports
• Exports to India fell to 178,000 bpd from 277,000 bpd, while Europe declined to 82,200 bpd from 99,000 bpd in the previous month
• Trading firms including Vitol, Trafigura and Novum Energy shipped 604,000 bpd in July, down from 775,000 bpd in June, while Chevron maintained steady exports at 293,000 bpd

Venezuela Oil Exports Summary

Venezuela's oil exports declined slightly to 1.16 million barrels per day (bpd) in July from 1.2 million bpd in June, marking the second consecutive monthly decrease from a May peak of 1.24 million bpd. The reduction resulted from slower drawdowns of crude and fuel from onshore and floating storage facilities.

Key Development: U.S.-bound shipments surged to 786,000 bpd in July—the highest level since early 2019—up dramatically from 284,000 bpd in January. This expansion follows a January oil supply agreement between Washington and Venezuela's interim President Delcy Rodriguez, which reversed Trump administration sanctions and a naval blockade aimed at ousting President Nicolas Maduro.

Regional Shifts: While U.S. exports increased, shipments to other markets contracted. Indian exports fell to 178,000 bpd from 277,000 bpd, and European deliveries declined to 82,200 bpd from 99,000 bpd.

Company Activity:

• Chevron, PDVSA's main joint venture partner, maintained steady exports at approximately 293,000 bpd
• Trading firms (Vitol, Trafigura, Novum Energy) shipped 604,000 bpd, down from June's 775,000 bpd
• PDVSA resumed direct crude deliveries to Repsol for debt repayment and plans similar shipments to Maurel & Prom

Additional Data: Venezuela exported 324,000 metric tons of oil byproducts and petrochemicals (up from 224,000 tons in June) and imported 81,000 bpd of heavy naphtha for crude dilution.

Market Implications: Venezuela's oil recovery continues despite recent softness, with the U.S. emerging as the dominant destination following the diplomatic détente, reshaping global crude trade flows.