The overthrowing of President Maduro by the US, the installation of a more US-friendly regime, and the closure of the Strait of Hormuz from March 1st, have all contributed to Venezuela’s seaborne crude exports more than doubling this year.
Signal Ocean data has reported that Venezuelan crude liftings have risen for six consecutive months, climbing from around 620,000 barrels per day in January to approximately 1.5m barrels per day by mid-June. Volumes briefly exceeded 2m barrels per day in early May, while year-to-date exports are running at roughly twice the average levels recorded in 2024 and 2025.
Several US licences covering Venezuela-related energy activities have been reinstated, and then on June 10th the US Treasury extended authorizations for oil, gas and mineral extraction activities, encouraging greater international participation in the country’s energy sector.
Trading houses Vitol and Trafigura are marketing Venezuelan cargoes, while oilfield services giant SLB has signed a long-term agreement with state oil company PDVSA aimed at supporting production growth and modernisation efforts.
The US has emerged as the leading destination for Venezuelan crude, (44.7% of exports this year) but the emergence of India as the second-largest importer (from virtually nothing in 2025) with a 17.8% share is notable. The Bahamas comes in third at 10.5%, although some of this might eventually end up elsewhere.
Trade is currently dominated by aframaxes (38%), with VLCCs making up 32% and suezmaxes providing 24%. Crude oil constitutes 92% of cargoes exported.
Signal also reported noted that VLCC tonne-mile demand remains well above historical norms despite easing slightly in recent weeks.