Venezuela oil exports dip in July as shipments to US rise

• U.S. shipments jumped dramatically to 786,000 bpd in July from just 284,000 bpd in January, driven by a supply agreement with Venezuela's interim government
• Exports to India and Europe declined, falling to 178,000 bpd (from 277,000 bpd) and 82,200 bpd (from 99,000 bpd) respectively
• Trading firms including Vitol, Trafigura and Novum Energy shipped 604,000 bpd in July, down from 775,000 bpd in June, while Chevron's exports remained steady at 293,000 bpd

Venezuela Oil Exports Summary

Key Figures:

Venezuela's oil exports declined to 1.16 million barrels per day (bpd) in July 2026, down from 1.2 million bpd in June, marking the second consecutive monthly decrease following a peak of 1.24 million bpd in May. The decline resulted from reduced inventory drawdowns from onshore and floating storage facilities.

Major Development:

Despite the overall decline, shipments to the United States surged dramatically to 786,000 bpd in July—the highest level since early 2019—up from just 284,000 bpd in January. This represents the continuation of sustained growth to the U.S. market.

Market Context:

The export recovery follows a January 2026 oil supply pact between Washington and Venezuela's interim President Delcy Rodriguez, reversing Trump-era sanctions and a naval blockade that had previously suppressed exports to historically low levels. Venezuelan oil is now flowing to U.S. and Chinese markets primarily through trading houses.

Regional Distribution:

• Exports to India fell to 178,000 bpd from 277,000 bpd
• European shipments declined to 82,200 bpd from 99,000 bpd
• Chevron maintained steady exports at 293,000 bpd
• Trading firms (Vitol, Trafigura, Novum Energy) shipped 604,000 bpd, down from 775,000 bpd in June

Additional Activity:

State-run PDVSA resumed direct crude deliveries to partner Repsol for debt repayment and plans similar deliveries to Maurel & Prom. Venezuela also exported 324,000 metric tons of oil byproducts and petrochemicals while importing 81,000 bpd of heavy naphtha for crude dilution.

Market Implications:

The shift toward U.S. markets signals a significant realignment of Venezuelan oil trade flows following normalized diplomatic relations.