According to data from ship tracking, Venezuelan monthly 'oil exports' surpassed 1 million barrels per a day for the first since September. Sales to refiners and trading houses in India, as well as shipments to the Caribbean by trading companies for storage, pushed up the volumes.

Since Caracas, Washington and other countries signed a landmark pact in January to supply Venezuelan fuel and crude oil to the U.S.

The agreement was reached shortly after the U.S. captured Venezuelan president Nicolas Maduro, and supported the interim government of?President Delcy Rodriguez. The agreement has allowed Vitol and Trafigura to handle the majority of sales. Chevron, a major U.S. company, has also increased its exports.

In March, 60 vessels left Venezuela with 1,09 million bpd crude oil and fuel and 360,000 metric tonnes of petrochemicals, oil byproducts, and petrochemicals.

Venezuelan exports of oil and fuel averaged 737, 000 bpd in February. Petrochemicals and other byproducts accounted for 463,000 tonnes.

Vitol Trafigura Chevron are all continuing to 'drain inventories accumulated between December and January during the severe U.S. blockade of oil.

Chevron increased its exports of Venezuelan oil to 267,000 bpd from 209,000 bpd during the month before.

According to documents by the state energy company PDVSA, the arrival of larger oil tankers in Venezuelan waters in March was primarily to 'load crude bound for India. This allowed faster activity at Jose, Venezuela's main terminal.

(source: Reuters)