Venezuela’s oil exports slumped in May as the sanctions levied by the United States staunched the flow of oil from the troubled Latin American country that is in the middle of a severe crisis, according to Refinitive Eikon data . Venezuela’s oil exports fell 17% in May to 874,500 barrels per day as it shut down almost all of its crude oil upgraders . A couple of weeks ago, Reuters reported that Venezuela had stopped upgrading crude oil, while leaving a couple of the upgraders running merely to prevent damage to the facilities. According to Reuters, Venezuela still managed to ship 33 oil and fuel cargoes, most of which went to Asia. India received less crude oil from Venezuela in May, falling to 187,000 barrels per day—down more than 30 percent. China, however, received 450,000 bpd from Venezuela in May, roughly the same level as April shipments as the […]