Venezuela boosts oil exports amid US sanctions

Venezuela doubled its crude oil exports to reach an average of 619,000 barrels a day during December despite US sanctions, Bloomberg reported.

The US has imposed sanctions prohibiting its citizens from doing business with the Venezuelan oil sector — a move which saw exports from the South American country hit a 77 year low in 2020.

The recent increase in exports were helped by Iran, which provided assistance to help with oil production under a deal struck in 2021.The increase in exports is attributed to the 50 percent surge of benchmark Brent oil as of last year along with the increased global demand amid pandemic recovery.

Nevertheless, the OPEC founding member is uncertain whether the jump in supply will be sustainable as top buyer China continues to cut crude oil imports.

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