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Commodities•2 June 2026•

2 min read

Venezuela Oil Exports Hit 7-Year High as U.S. Sanctions Ease

Key Facts

1Venezuela's oil exports reached 1.25 million barrels per day in May, marking a seven-year high.

2The United States remained the top buyer of Venezuelan crude at 558,000 bpd, followed by India at 427,000 bpd.

3Exports surged 61% compared to May 2025 following the easing of U.S. sanctions.

Amid global efforts to secure alternative energy supplies, Venezuela's oil exports surged to 1.25 million barrels per day in May, marking their highest level in seven years. This volume represents a 61% increase compared to May 2025, a growth directly attributed to the easing of U.S. sanctions which allowed international firms to resume operations. The United States remained the primary destination for Venezuelan crude, importing 558,000 bpd, followed by India at 427,000 bpd.

This recovery in Venezuelan output coincides with mixed performance among energy majors; Chevron (CVX), a key operator in the country, reported robust results in the previous quarter bolstered by its expanded production footprint there. Per market data, while peers like ExxonMobil have seen price volatility tied to global supply shifts, the re-entry of major traders such as Vitol and Reliance Industries is facilitating the flow of Venezuelan crude to global markets to mitigate supply gaps caused by regional tensions elsewhere.

Traders should monitor CVX stock levels (as of June 2, 2026 close), as its performance remains closely tied to the longevity of U.S. licenses in Venezuela. Looking ahead, the market awaits the API Crude Oil Stock Change report scheduled for later today, which may provide further insight into U.S. demand for heavy crude imports. Additionally, upcoming speeches from Fed officials this week will be critical in determining dollar direction, subsequently impacting commodity pricing.