Venezuela’s oil exports rose to their highest level in seven years in May 2026, driven by stronger demand from the United States, India, and Europe, as the country’s oil sector continues its recovery.

The South American nation exported an estimated 1.25 million barrels of crude oil per day in May, slightly higher than the 1.23 million barrels recorded in April and about 61 percent above the level seen a year earlier.

The increase follows the easing of some U.S. restrictions on Venezuela’s oil industry, allowing greater foreign participation and boosting international trade. The United States remained the largest buyer of Venezuelan crude, followed by India and European countries, all of which increased imports during the month.

Industry experts say Venezuela’s production outlook is improving as international firms return to the country. Oilfield services company SLB recently signed a long-term agreement with state-owned oil company PDVSA to support exploration, production growth, digitalisation, and workforce development.

Analysts expect Venezuela’s crude output to continue rising through 2026 and 2027, supported by new operating licences and increased investment. Production is projected to reach about 1.3 million barrels per day this year and could climb to 1.5 million barrels per day by 2027.

The recovery is also expected to benefit U.S. refineries, many of which are equipped to process Venezuela’s heavy crude grades. Increased supplies from Venezuela, along with growing output from Brazil and Guyana, are helping to provide additional crude to global markets amid ongoing concerns about disruptions to international oil trade routes.