Venezuelan crude exports rebound in January as oil blockade ends

Venezuelan oil exports climbed to approximately 800,000 barrels per day in January, a sharp increase from the 498,000 barrels per day recorded in December. This rebound follows the conclusion of an oil blockade that had previously hindered the flow of crude from Venezuela VE. The recovery was facilitated by new licensing actions from the United States USDepartment of the Treasury, which allowed traders to move stocks that had been stranded during the standoff.

The surge in shipments comes after the reported capture of Nicolas Maduro nicolas maduroand the subsequent lifting of the blockade. In December, the United Stateshad imposed an oil embargo and seized seven tankers, leading to a massive accumulation of more than 40 million barrels of crude and fuel in onshore tanks and vessels. While Petróleos de Venezuela cut production in early January due to the storage glut, the resumption of exports has begun to draw down these significant inventories.