US sanctions relief drives record shipments, boosting supply for US refiners and regional producers amid Middle East disruptions.
Venezuela’s oil exports reached a seven-year high as the US relaxed restrictions on operations in the country. The easing of rules follows political developments and aims to stabilize global crude supply amid Middle East tensions.
Shipments have risen sharply this year, benefiting South American producers and US refiners, which are processing larger volumes. Prior to this surge, Venezuela’s exports had been constrained by sanctions and industry challenges.
The increased supply is expected to continue as production ramps up, providing relief to markets facing regional disruptions.