Venezuela’s Oil Exports To U.S. Surge in First Half

According to a report from the Venezuela-U.S. Chamber of Commerce, Venezuela's exports to the United States have surged by 555% in the first half of 2023 compared to the same period last year. This significant growth is primarily driven by petroleum sales, accounting for over 86% of the total exports.

In the first six months of this year, Venezuela's total exports to the United States amounted to $1.396 billion, with petroleum exports contributing approximately $1.2 billion. In contrast, during the same period in 2022, this figure was only $213 million.

The report also highlights that Venezuela has achieved a trade surplus for the first time in three years, with a trade surplus of $183 million in total exports to the United States.

This increase in exports and surplus aligns with the return of energy giant Chevron to Venezuela, as the company resumed operations in the country after receiving approval from the U.S. Department of the Treasury at the end of last year.

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