Venezuelan oil exports soar 144% in first half of 2026

Venezuela's maritime oil exports experienced a dramatic 144% increase during the first half of 2026, driven by the relaxation of U.S. sanctions and a recovery in the nation's oil production. Data from maritime intelligence firm Signal Ocean, cited by Bloomberg, reveals a significant upward trend.

The monthly volume of crude oil transported by sea climbed from approximately 620,000 barrels in January to nearly 1.5 million barrels by mid-June, based on a seven-day moving average. This marks six consecutive months of growth, solidifying a recovery in Venezuelan oil exports. The figures show a peak exceeding two million barrels in early May, with the year-to-date average reaching 1.1 million barrels daily – nearly double the levels seen in 2024 and 2025.

According to Signal Ocean, the initial export rebound coincided with the reactivation of U.S. licenses for energy activities in Venezuela. This momentum accelerated after June 10, when the Office of Foreign Assets Control (OFAC) expanded general licenses for oil, gas, and mineral extraction. Consequently, trading companies like Vitol and Trafigura have been involved in selling Venezuelan crude, while oilfield services firm SLB signed a long-term agreement with state-owned Petróleos de Venezuela (Pdvsa) to modernize operations and boost production.

The United States solidified its position as the main destination for Venezuelan oil in 2026, receiving 44.7% of shipments. India followed with 17.8%, and the Bahamas with 10.5%. Aframax tankers accounted for 38% of the cargo, followed by VLCCs (32%) and Suezmax (24%), reflecting the prevalence of short and medium-distance routes within the Caribbean and the Americas. This export recovery aligns with an increase in Venezuelan oil production, which reached 1.179 million barrels per day in May, a 3.78% rise from April, according to OPEC data. These developments occur amid a new political and economic landscape in Venezuela, following the capture of Nicolás Maduro by U.S. military forces on January 3, after which Delcy Rodríguez assumed interim presidency, initiating a period of changes in oil policy and international negotiations.

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El volumen mensual de crudo transportado por vía marítima pasó de aproximadamente 620.000 barriles en enero a cerca de 1,5 millones de barriles a mediados de junio, medido a través de un promedio móvil de siete días.