Venezuelan oil exports increased 10.5% in the last year, despite the political instability of the country and the changes made to the U.S. sanction regime. This was due to partners of the state oil company PDVSA taking more cargoes with licenses issued by Washington.

Oil exports in the OPEC nation rose for a third consecutive year as President Nicolas Maduro prepares to begin his third term next week, following disputed results of elections. This revenue will help to support economic growth.

According to data on vessel movements and shipping reports, PDVSA, which is sanctioned by the United States, and its joint-ventures exported an average of 772,00 barrels per day in 2018. This was the highest amount since Washington imposed energy sanctions for first time in 2019.

Gains could be at risk after Donald Trump assumes office. Trump imposed strict sanctions on Venezuela during his first term, and he has appointed officials who may seek to reduce U.S. oil imports from Venezuela.

After basic conditions were not met for a fair vote, the administration of incoming President Joe Biden revoked a license that was granted to all energy exporters.

The U.S. oil giant Chevron, which has been shipping Venezuelan crude into the U.S. since early 2023, accounted for a large part of the export gains. This license allowed the producer of Venezuelan crude oil to recover millions in debt.

CHINA'S TOP RECEIVER, U.S. SECONDER

Venezuelan oil exports to America increased by 64% last year to 222,000 barrels per day, making the U.S. its second largest export market after China. China took 351,000 barrels per day, a decrease of 18% from the previous year.

Exports to Europe also increased by almost threefold to 75,000 bpd in the last year, thanks to U.S. authorizations for European producers such as Eni, Repsol, and Maurel & Prom.

The data revealed that exports to India jumped to 63.115 bpd by 2024, up from 10.300 bpd last year.

Venezuela's refinery was frequently shut down last year. As a result, the country's political ally Cuba faced a severe energy shortage. Exports of crude oil and fuel fell from 56,000 barrels per day to 32,000 barrels per day.

Documents showed that the overall monthly exports fell to 756,000 bpd from a high of 974,000 in November due to operational problems at one of PDVSA’s four crude upgrading plants.

The data shows that Venezuela's imports for fuel and diluents used to produce exportable crude grades grew to 92,000 bpd by 2023 from 60,000 bpd, mainly through U.S. authorized swaps with oil producing partners and customers.

According to figures provided to OPEC by the country, crude oil production increased 17% in the first eleven months of 2024 to 914,000 bpd, up from 780,000 bpd during the same period in 2023.

(source: Reuters)