Venezuela’s oil exports reached their highest level since 2018, a surge that could have major downstream geopolitical consequences.

Crude production in Venezuela — which holds the world’s largest oil reserves — has surged since the US captured former President Nicolás Maduro and replaced him with a leader who agreed to Washington’s demands to open the oil industry to private investment.

The easing of restrictions has swayed some of the world’s biggest firms, including Exxon, whose CEO had previously said Venezuela was “uninvestable.” Venezuelan oil exports to India, one of the biggest buyers of Russian oil, have already risen considerably, weakening the Kremlin’s hand just as Ukraine seeks to reduce its export capacity via attacks on infrastructure.