Venezuela sends first crude oil shipment to ‘Israel’ since 2020: Bloomberg

• Venezuela has resumed crude oil exports to Israel for the first time since 2020, according to Bloomberg.
• The shipment to ‘Israel's’ Bazan Group refiner reflects a broader strategy to stabilize Venezuela’s economy by diversifying export markets under US oversight and easing sanctions.

Venezuela sent its first crude oil cargo to ‘Israel’ since mid-2020, a stark change in its petroleum exports after the abduction of President Nicolas Maduro.

This development follows the US abduction of Maduro on January 3, which prompted the easing of stringent sanctions and the resumption of oil trade under US oversight.

The shipment, handled discreetly due to its sensitive nature, is en route to Bazan Group, ‘Israel's’ primary crude oil refiner, according to sources familiar with the transaction cited by Bloomberg.

The resumption of exports to ‘Israel’ underscores a shift in Venezuela's diplomatic and economic policies.

Relations between the two nations have been strained since 2009, when Venezuela severed ties with ‘Israel’ in protest over the assault on Gaza.

Maduro's administration maintained this stance, aligning closely with Iran and other adversaries of ‘Israel’.

However, with Maduro's ouster and the installation of an interim government led by Delcy Rodriguez, Venezuela has sought to broaden its export markets to stabilize its economy, which has long depended on oil revenues, under pressure from the US which is rerouting its oil flows.

Bazan Group, operating ‘Israel's’ largest refinery in Haifa, processes around 197,000 barrels per day and has historically sourced oil from diverse regions, including the Middle East and Latin America.