Venezuela is emerging as a key player in the US oil market, climbing to fifth place in the ranking of crude oil exports to the United States (US) during the month of June this year.
According to the latest data from the U.S. Energy Information Administration (EIA), the US consumed an average of 6,664,000 barrels per day (bpd) of crude oil in June 2024, of which Venezuela accounted for 3.4% by exporting some 226,000 bpd, a figure slightly higher than that achieved in May when it sent 224,000 bpd.
EIA data shows that the country’s crude oil exports increased by 79% year-on-year, with exports in June 2023 reaching around 126,000 bpd.
According to official EIA data, it has been more than a year and six months since crude oil exports from Venezuela began, which speaks of the discipline and capacity of companies such as Chevron and PDVSA to meet the demand for crude oil in the US, all this under the licenses granted by OFAC, which give them a certain certainty and stability to keep pace with exports.
