Venezuela’s crude oil exports dropped to 856,000 barrels per day in July, marking a five-month low and a 25% decline from June levels, according to shipping reports and data from Kpler Ltd.
The decline came as shipments to India fell by half following a pause in the Iran war, which freed up Middle Eastern oil supplies that had been trapped in the Persian Gulf.
The US and India remained the largest buyers of Venezuelan crude last month. China, which was previously the top purchaser of Venezuelan oil, has not bought any barrels from the country since the removal of Nicolas Maduro from power earlier this year.
The Iran conflict, now in its sixth month, has seen supply-chain disruptions ease through workarounds and alternative shipping routes. Oil prices fell on Monday after US President Donald Trump halted strikes on Iran to allow peace negotiations to move forward.
Source: Investing.com
