V enezuela's oil exports recuperated in May from a low figure the previous month as state oil business PDVSA's customers rushed to take freights ahead of the resumption of U.S. sanctions on the South American country.

The U.S. Treasury Department in April did not renew a broad license that had actually permitted Venezuela to easily export its oil, however gave business till completion of May to finish transactions, consisting of crude and fuel sales. It also began releasing specific permissions to energy companies working with Venezuela.

A total of 50 vessels departed Venezuelan waters last month bring an average 708,900 barrels per day (bpd) of crude and fuel, and 614,000 lots of petrochemicals and oil by-products, according to internal PDVSA documents and shipping data from financial firm LSEG.

The volume of oil shipped in May was 30% bigger than in April, and 7% above the same month a year previously. Exports of petrochemicals and by-products were the highest in 13 months, the information revealed.

Over a third of overall exports, or 250,000 bpd, were bound for Asia. The United States was the second biggest recipient with approximately 205,000 bpd sent by U.S. oil significant Chevron to its own refineries and others, followed by Europe with 129,000 bpd

Shipments to political ally Cuba rose to some 70,000 bpd. from 23,000 bpd the previous month, driven by larger crude oil deliveries, according to the data.

Following the conclusion of maintenance work at some crude upgraders and more imports of diluents, PDVSA's inventories of diluted crude oil increased to almost 5 million barrels. Stocks of the OPEC-member nation's flagship Merey 16 crude also recovered to almost 3 million barrels at the end of the month, one of the documents showed.

Venezuela imported some 68,000 bpd of heavy naphtha and blendstock for producing gasoline, above the 57,000 bpd of April.

Washington since mid-April has actually approved private licenses to companies including France's Maurel & & Senior prom, Spain's. Repsol and to do oil and gas business with. Venezuela. More than a dozen others are waiting for thumbs-up.