Venezuela's Oil Exports At Highest Level Since 2018

(MENAFN- Yolo Wire) Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest level since 2018.

The rise in oil exports is due to more sales to the U.S., India and Europe, according to global shipping data.

The South American country has been draining oil inventories and recovering crude output in recent months following the ​U.S. capture of Venezuelan President Nicolas Maduro in January.

Since Maduro's capture, the U.S. and Venezuela have reached a supply pact.

The agreement, coupled with the U.S. easing sanctions on the South American country, has allowed Venezuela to sell crude oil to more refiners in the U.S., Europe and Asia.

In April, a ​total of 66 vessels departed from Venezuela, compared with 61 ships that carried 1.08 million barrels of crude oil in March, according to the shipping data.

The main destination of Venezuela's crude oil last month was the ​U.S. with about 445,000 barrels per day.

The new supply pact has allowed Venezuela's crude oil exports to gain diversity while ​reaching more customers in recent months, a shift from limitations imposed by earlier sanctions.

​Venezuela ​also exported 360,000 metric tons of oil byproducts and petrochemicals in ​April.

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