Venezuela continues difficult recovery from twin earthquakes as oil sales surge

Venezuela's death toll from June 24 earthquakes has risen to approximately 6,300 as of mid-August, with the World Bank estimating $19.6 billion in direct physical damage and reconstruction costs potentially far higher. The disaster has strained the country's fragile economy, driving inflation to 19.9 percent in July alone, while over 1,400 aftershocks continue disrupting basic services. Simultaneously, Venezuela's oil exports have surged, with crude shipments to U.S. refineries reaching roughly 786,000 barrels per day in July—the highest level since early 2019—while the U.S. has increased naphtha imports to Venezuela to aid processing of heavy crude.