Venezuelan oil exports to U.S. rise 170%

Venezuelan oil exports to the United States rose 170%, driven by activity at Citgo, according to the newspaper El Nacional.

The growth comes as Venezuela ranks third in crude oil production in Latin America, behind Brazil and Mexico, according to data published by the specialized portal Banca y Negocios.

The recovery in oil shipments to the U.S. market represents an operational shift for the domestic industry, after years of trade restrictions and sanctions that limited the direct sale of Venezuelan crude to that destination.

The increase in exported volume has a direct impact on foreign currency generation for the domestic economy, a key factor for exchange-rate stability and for financing energy sector operations in the short term.