Venezuela's oil exports fell sharply in July after Middle East crude trapped in the Persian Gulf re-entered the market following a pause in the Iran war, while demand from India weakened. According to shipping reports, Kpler data, and media tracking of vessel activity, Venezuela's crude loadings dropped to 856,000 barrels per day last month, the lowest level in five months and 25% below June. Exports to India were cut in half. The report said that as the Iran conflict moved into its sixth month, supply-chain adjustments and the use of alternative shipping routes eased the initial disruption to global energy flows. It also noted that oil prices fell after U.S. President Donald Trump canceled plans on Monday for an attack on Iran in an effort to keep peace talks going. The United States and India remained the largest buyers of Venezuelan crude.
Venezuela's oil exports dropped sharply in July as Middle East crude supplies that had been stranded in the Persian Gulf returned to the market after the Iran war paused, while demand from India weakened.
According to shipping reports, Kpler data, and media tracking of vessel activity, Venezuela's crude loadings fell to 856,000 barrels per day last month. That was the lowest level in five months and 25% lower than in June. Exports to India were down by half.
The report said that, with the Iran conflict entering its sixth month, supply-chain adjustments and the use of alternative shipping routes eased the initial shock to global energy flows. Oil prices fell after Donald Trump canceled plans on Monday for an attack on Iran to keep peace talks moving. The United States and India remained the biggest buyers of Venezuelan crude.
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