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Venezuela’s Oil Exports at 4-Year High in 2023

OIL

Venezuelan crude oil exports rose to a four-year high in 2023 due to easing of US sanctions, according to loading programmes seen by Bloomberg.

  • Total Venezuelan exports averaged 515k b/d in 2023, up 17% on the year.
  • However, December exports were 487k b/d, down 2.5% on the month.
  • The easing of US sanctions opened up Venezuelan crude to official markets, with buyers in the US and India now able to legally take cargoes.
  • The US imported 140k b/d of Venezuelan crude in 2023, compared to zero in 2022.
  • India also took its first cargo of Venezuelan crude in October, and averaged 0k b/d across the whole year.


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