Venezuela Oil Exports Surge to Highest Levels Since 2018

Venezuela’s oil exports have reached their highest level since 2018, a surge that could have major geopolitical consequences, Jeronimo Gonzalez reported for Semafor.

The easing of restrictions has attracted interest from global firms, including ExxonMobil, whose CEO had previously described Venezuela as “uninvestable.” (Photo: Fluor)

Crude production in Venezuela—which holds the world’s largest proven oil reserves—has increased following a major political shift involving former President Nicolás Maduro.

The easing of restrictions has attracted interest from global firms, including ExxonMobil, whose CEO had previously described Venezuela as “uninvestable.”

Exports to India—a major buyer of Russian crude—have risen significantly, potentially weakening Russia’s leverage as Ukraine seeks to disrupt Russian export capacity through infrastructure attacks.