According to CoinMeta, due to a temporary ceasefire in Iran, Middle Eastern crude oil supply has returned to the market, and demand from India has weakened, resulting in a significant decline in Venezuela's oil exports in July. Based on shipping reports and foreign media tracking of vessel activities, Venezuela's crude oil shipments last month dropped to 856,000 barrels per day, the lowest level in five months, a decrease of 25% from June. Exports to India were reduced by half. As the conflict in Iran enters its sixth month, adjustments to the supply chain and the use of alternative shipping routes have mitigated the initial impact on global energy flows. On Monday, Trump canceled plans to attack Iran in order to facilitate continued peace negotiations, which led to a decline in oil prices thereafter. The United States and India remain the largest buyers of Venezuelan crude oil.