-- Amid production losses due to the war in the Middle East, crude oil exports from other producing countries are rising, Commerzbank said in a Tuesday note.
Venezuela's oil exports climbed to 1.23 million barrels per day in April, up 150,000 barrels per day from the previous month and the highest level since the U.S. imposed sanctions on Venezuela's energy industry at the end of 2018, the bank noted.
Nearly 450,000 barrels per day went to the U.S., which is the main buyer of Venezuelan oil. However, exports to India also rose to 374,000 barrels per day and exports to Europe increased to 165,000 barrels per day, Commerzbank said.
The U.S. also boosted its oil exports in April to a record high of 5.2 million barrels per day, the bank said, citing data analysis firm Kpler. This was up from 3.9 million barrels per day in March.
Meanwhile, at the Corpus Christi oil port in Texas, 240 tankers were recorded in March, up from the rough average of 200 tankers, according to Commerzbank.