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OIL: Venezuelan Oil Exports Jump 10.5% y/y

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Venezuela’s oil exports rose 10.5% in 2024 y/y averaging 772,000 bpd according to LSEG vessel tracking. The growth comes despite the U.S. reimposing sanctions in April as Maduro failed to offer free and fair elections.

  • The flows are in jeopardy if Trump enacts a tougher stance against them as he comes into office this month. A number of U.S. and European firms currently have a special license to import the oil in return for debt reduction.
  • Venezuela's oil exports to the U.S. soared 64% to some 222,000 bpd last year LSEG data shows.
  • China took 351,000 bpd, down 18% compared to the prior year. These figures will have been somewhat skewed due to eased sanctions at the start of the year.
  • Any impact on Iranian flows by Trump would also be detrimental for Venezuela as they could hamper access to diluent which allows 
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Venezuela’s oil exports rose 10.5% in 2024 y/y averaging 772,000 bpd according to LSEG vessel tracking. The growth comes despite the U.S. reimposing sanctions in April as Maduro failed to offer free and fair elections.

  • The flows are in jeopardy if Trump enacts a tougher stance against them as he comes into office this month. A number of U.S. and European firms currently have a special license to import the oil in return for debt reduction.
  • Venezuela's oil exports to the U.S. soared 64% to some 222,000 bpd last year LSEG data shows.
  • China took 351,000 bpd, down 18% compared to the prior year. These figures will have been somewhat skewed due to eased sanctions at the start of the year.
  • Any impact on Iranian flows by Trump would also be detrimental for Venezuela as they could hamper access to diluent which allows