Venezuela’s oil exports hit 7-yr high: India among top buyers as shipments surge

After years of sanctions, production declines and shrinking exports, Venezuela is rapidly re-establishing itself as a significant player in the global oil market. 

The South American nation exported an average of 1.25 million barrels of crude oil per day in May, the highest level in seven years and a sharp 61% increase compared to the same period last year. The milestone marks the third consecutive month of export growth and signals a dramatic turnaround for a country that once saw its oil industry crippled by sanctions and underinvestment. 

Sharp rebound after years of volatility 

Data shared by shipping trackers and state oil company PDVSA show that Venezuela exported approximately 1,253,775 barrels per day in May. The figure is notable not only because it is a seven-year high, but also because it caps a remarkable recovery from the lows seen in recent years. 

A chart tracking exports since 2023 highlights just how dramatic the rebound has been. Venezuelan exports fluctuated between roughly 500,000 and 900,000 barrels per day through much of 2023 and 2024, with occasional spikes. Even in 2025, exports remained volatile despite touching the 1 million barrels-per-day mark on a few occasions. 

The most striking development came in 2026. After a brief dip to around 500,000 barrels per day earlier in the year, exports surged rapidly, crossing 1.2 million barrels per day by May. The latest figure of 1.25 million barrels per day is the highest point on the chart, underscoring the speed of Venezuela’s recovery. 

Since November 2025, Venezuela’s oil exports have jumped by around 150%, adding roughly 750,000 barrels per day to global supply. 

What's driving the surge? 

The rebound follows the easing of US sanctions on Venezuela’s oil industry earlier this year. The move opened the door for increased production, greater foreign participation and expanded export opportunities. 

In May alone, 67 cargoes departed Venezuelan ports, reflecting stronger demand and improved operational capacity. The country’s oil ministry is now targeting production of 1.37 million barrels per day by the end of the year. If achieved, that would represent a 22% increase from 2025 levels and the highest output since sanctions were imposed in 2019. 

India emerges as a key buyer 

India has become one of the biggest beneficiaries of Venezuela’s return to the market. 

The country imported around 427,000 barrels per day of Venezuelan crude in May, making it the second-largest buyer after the United States. US imports stood at approximately 558,000 barrels per day, while Europe imported around 169,000 barrels per day. 

For India, which imports the vast majority of its crude oil requirements, Venezuelan supplies offer an opportunity to diversify sourcing and potentially secure attractive pricing on heavy crude grades suited to several Indian refineries. 

The resurgence also reflects strengthening energy ties between New Delhi and Caracas at a time when global energy security remains a priority for major importers. 

Reshaping global oil trade 

The recovery is altering global oil trade flows. 

For years, Venezuelan crude exports were constrained by sanctions, forcing the country to rely on a limited number of buyers. Today, increasing volumes are flowing directly to the United States, India and Europe, indicating a broader reintegration of Venezuelan oil into international markets. 

The rise in exports also comes at a crucial moment for global energy markets, where supply diversification remains a key concern amid geopolitical tensions and fluctuating production levels elsewhere. 

Venezuela possesses some of the largest proven oil reserves in the world. Yet for much of the past decade, those reserves remained underutilised due to sanctions, political instability and a lack of investment.