Venezuela's crude oil exports rose to 1.23 million barrels per day in April, marking a 14% increase from the previous month and reaching the highest monthly level since 2018. This growth was primarily driven by significantly higher shipments to the United States and India, with Chevron playing a key role as one of the main exporters.

According to shipping data and internal documents from Venezuela's state-owned oil company, the U.S. was the largest export destination for Venezuelan oil in April, with direct shipments reaching 445,000 barrels per day, up from 363,000 barrels per day in March. Exports to India increased to 374,000 barrels per day, while shipments to Europe rose to approximately 165,000 barrels per day.

Chevron played a significant role in this recovery, with its export volume climbing from 267,000 barrels per day in March to 308,000 barrels per day in April, accounting for 25% of the country's total exports. The company had previously signed a series of agreements with the Venezuelan government to expand its operations in the Orinoco heavy oil belt through asset swaps.

Trading firms Vitol and Trafigura handled approximately 56% of the exports, equivalent to 691,000 barrels per day. Analysts noted that since the U.S. and Venezuela signed a supply agreement in January and eased sanctions, Venezuela has continued to clear inventories and restore crude production. Additionally, recent conflicts involving Iran have tightened global supplies, increasing demand for alternative crude sources.

According to publicly available information, the ultimate controller and actual beneficiary of Venezuela's oil export revenue is the U.S. Treasury.

Although Venezuela's state-owned oil company is the nominal exporter, and companies such as Chevron, Vitol, and Trafigura are involved in transportation and sales, the proceeds from these oil sales must be deposited into a special account supervised by the U.S. Treasury. This arrangement gives the U.S. government predominant authority over fund allocation. Earlier reports had suggested that the funds would be deposited into an account in Qatar, but U.S. Energy Secretary Chris Wright later clarified that the receiving account had been directly transferred to the U.S. Treasury.

Regarding the use of these U.S.-controlled funds, reports indicate that a portion is expected to be transferred to Venezuela's interim government, while another portion is planned for social security and economic development within the country.