Venezuelan Exports Reach 1.25Mbpd as OPEC+ Readies July Output Hike
BNO•Venezuelan oil exports rose to 1.25 million bpd in May with more cargoes to the US, India and Europe, while OPEC+ plans a further output increase for July despite earlier delivery shortfalls. Fresh US-Iran attacks lifted crude prices and US gasoline stocks fell at record pace, indicating tighter supply.
1. Venezuelan Export Increase
In May, Venezuela’s crude exports climbed slightly to 1.25 million barrels per day, with additional cargoes destined for the United States, India and Europe. Shipping schedules show a modest uptick compared to the previous month.
2. OPEC+ July Output Plans
OPEC+ member countries are set to agree on a further rise in their July output target, although some producers have struggled to meet earlier quota increases due to regional conflict. The decision aims to absorb market demand growth heading into the second half of the year.
3. Geopolitical Tensions Lift Prices
Renewed exchanges of strikes between US and Iran forces pushed both West Texas Intermediate and Brent benchmarks higher, dampening hopes for a rapid de-escalation. Traders cited the spike in geopolitical risk as a key driver of the recent price rally.
4. US Gasoline Inventories Decline
US gasoline inventories fell at their fastest pace on record last week, intensifying concerns over tightening domestic fuel supply ahead of peak summer driving season. The drawdown underlines growing demand pressure on refined product stocks.
