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Venezuela's May Oil Exports Reportedly Rise As Iran War Generates Demand

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Venezuela's oil market revival sustained momentum through May, with crude and refined product exports rising slightly to 1.25 million barrels per day, Reuters reported Monday citing shipping data.

Shipped volumes were 0.7% higher than April and recorded a 61% surge compared to the same period last year, totaling 67 export cargoes, the article said.

The US consolidated its position as the top destination for Venezuelan crude, absorbing roughly 558,000 bpd.

India followed as the second largest buyer at 427,000 bpd, while European refiners took in 169,000 bpd, the report said.

Notably, all three of these destinations increased their offtake month-over-month.

Venezuela imported 93,000 bpd of heavy naphtha to use as a crucial diluent, to support its rapid ramp-up of extra-heavy oil processing from the Orinoco Belt, the article said.

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