Ceasefire Between U.S. and Iran Boosts Middle East Oil Supply, Venezuela's July Oil Exports Drop to 856,000 Barrels
By: rootdata|2026/08/03 21:53:30
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After a temporary ceasefire in the Iran conflict, Middle Eastern oil supplies have re-entered the market. Weaker demand from India has led to a significant drop in Venezuela's oil exports in July. According to shipping reports and Kpler data, Venezuela's crude oil shipments fell to an average of 856,000 barrels per day last month, the lowest level in five months, representing a 25% decrease from June. Exports to India were cut by half. As the Iran conflict enters its sixth month, adjustments in supply chains and the use of alternative shipping routes have mitigated the impact on global energy flows. Trump canceled plans to attack Iran to promote peace negotiations, resulting in a drop in oil prices. The U.S. and India remain the largest buyers of Venezuelan crude oil.
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