Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the U.S., India and Europe, shipping data showed on Monday.
Under the U.S.-supported government of interim President Delcy Rodriguez, Venezuelan crude production and exports have bounced this year as Washington eased sanctions and foreign companies expanded oil and gas projects in the OPEC nation.
The oil ministry has forecast a crude output of 1.37 million bpd by year-end, which would imply a 22% increase from the 1.12 million bpd produced in late 2025 and a number not seen since U.S. energy sanctions were first imposed in 2019.
The growth also has allowed Venezuela to resume exports to countries it had not been able to sell its oil to in years.
The volume of crude and refined products shipped from the South American country in May was 0.7% higher than in April and stood 61% above exports in the same month last year, according to the data, based on tanker movements and records from state company PDVSA. A total of 67 cargoes were exported.
The U.S. was again the first destination of Venezuela's oil with some 558,000 bpd, followed by India with 427,000 bpd and Europe with 169,000 bpd, according to the data and documents. The three regions received more volumes in May than in April.
Exports to Caribbean terminals for storage fell to some 58,000 bpd from 187,000 bpd the previous month, a signal of larger demand from refiners for Venezuela's heavy crude grades and residual fuel.
Crude exports by U.S. oil company Chevron, PDVSA's main joint venture partner, fell to some 269,000 bpd in May from 308,000 bpd in April, while global traders including Vitol and Trafigura increased shipments from the country to 787,000 bpd, up from 691,000 bpd the previous month.
India's Reliance Industries, which has emerged as one of the three largest buyers of Venezuelan crude in recent months, bought cargoes directly from PDVSA and from suppliers Chevron, Vitol and Trafigura last month, according to the data.
Venezuela also exported some 288,000 metric tons of petrochemicals and oil byproducts, a decrease from the 359,000 tons of the previous month; and imported some 93,000 bpd of heavy naphtha to dilute its extra heavy oil output.
(Reuters - Reporting by Marianna Parraga and Mircely Guanipa, Editing by Julia Symmes Cobb and David Gregorio)
