Venezuela Oil Exports Surge to Seven-Year High

The rebound is fueled by newly issued U.S. Treasury licenses that allow for expanded operations in the nation’s extraction sector. Supporting this recovery, the oilfield services giant SLB has entered a long-term agreement with the state-owned PDVSA to modernize infrastructure, ranging from exploration technology to workforce development. CEO Olivier Le Peuch noted that the partnership aims to establish lasting operational excellence, providing a structural foundation for the country's production goals.

International demand remains robust, with the United States and India acting as the primary importers. In May, U.S. refineries took in approximately 558,000 barrels per day, while India followed with 427,000 barrels. According to data from Kpler, the recovery is no longer merely speculative, with projections targeting an output of 1.3 million barrels per day by 2026. U.S. Energy Secretary Chris Wright confirmed that domestic refineries are prepared to scale up their intake of Venezuelan crude, noting that the logistical ramp-up is already underway.