Venezuela makes first crude oil shipment to Israel since 2009, says report

Venezuela plans to send its first shipment of crude oil to Israel in 17 years as part of opening up the country’s exports following the US abduction of President Nicolas Maduro, according to a Bloomberg report.

The two countries had severed ties since 2009 when they were cut by then President Hugo Chavez, with the last shipment consisting of around 470,000 barrels.

Venezuelan Information Minister Miguel Perez Pirela called the report “FAKE!” in a post on X.

The shipment, transported by Israel’s Bazan Group, was revealed to Bloomberg by those with knowledge of the deal and was not intended to be made public as part of a policy that Israel does not declare who supplies its crude oil. 

The shipment and restart of trade coincides with a meeting between Israel’s foreign minister Gideon Sa’ar and Venezuelan opposition figure María Corina Machado in Washington DC last week. 

Venezuela is said to have around 303 billion barrels in reserves of which the US has taken direct control since the abduction of Maduro last month.

Funds from Venezuela's oil sales are deposited into a restricted account in Qatar, subject to US approval, to pay public sector salaries and essential services. Last month Caracas received $500m from its first oil sale under the US-brokered agreement.

On Tuesday, the US Department of the Treasury issued a general licence for oil production in the South American country which prohibited China and Russia from dealing in Venezuelan oil.

Production is expected to increase by up to 20 percent in the coming months, with shipments already being made to India, Spain and the US.