July crude loadings fell 25% from June to the lowest level in five months as Indian buying dropped by half and Middle Eastern supply returned to the market.
Venezuela's oil exports fell sharply in July as weaker Indian demand and the return of Middle Eastern crude to the market cut into shipments. Tanker reports, Kpler data and vessel tracking showed crude loadings dropped to 856,000 barrels per day, down 25% from June and the lowest level in five months, with exports to India falling by half. The easing of disruptions tied to the Iran conflict, including supply-chain adjustments and alternative shipping routes, helped restore oil flows from the Persian Gulf and reduced India's reliance on Venezuelan barrels. Oil prices also fell after Trump on Monday scrapped plans for an attack on Iran in an effort to keep peace talks going. The United States and India remained the biggest buyers of Venezuelan crude.