Venezuela’s oil exports increased 14% to 1.23 million barrels per day in April, marking the highest level in more than seven years, according to shipping data and documents from state company PDVSA released on Friday.

The rise in exports was driven by increased sales to the United States, India and Europe. A total of 66 vessels departed from Venezuelan waters in April, carrying crude and refined products, compared with 61 ships that transported 1.08 million barrels per day in March.

The April volume represents the highest monthly figure since late 2018, before U.S. sanctions were imposed on Venezuela’s energy industry.

Venezuela has been drawing down oil inventories and increasing crude production in recent months following the U.S. capture of President Nicolas Maduro in January. This led to a supply agreement between the governments of U.S. President Donald Trump and Venezuela’s interim President Delcy Rodriguez.

The agreement, along with U.S. licenses easing sanctions on the country, has enabled PDVSA’s joint-venture partners and trading houses including Vitol and Trafigura to receive cargoes from the state firm for sales to refiners in the U.S., Europe and Asia.
Source: Investing.com