Venezuela Oil Exports Surge to 4-Year High with Nearly 950,000 Barrels Per Day

Venezuela’s oil exports reached a four-year high in October, climbing to almost 950,000 barrels per day (bpd), according to recent data from state-owned PDVSA. This rise in exports comes despite challenges like a fire at a major storage terminal, stricter U.S. sanctions since June, and arrests of top former oil officials over corruption.

The main driver behind this boost in production is the stable processing in Venezuela’s Orinoco Belt, the country’s largest oil-producing region. With operations steady, PDVSA managed to recover heavy crude stock, which allowed for a 21% jump in exports compared to September—reaching the highest monthly total since early 2020.

In October, PDVSA and its joint ventures exported an average of 947,387 bpd of crude and fuel. Additionally, 314,500 metric tons of oil byproducts and petrochemicals were exported, a slight increase over September’s 267,000 tons.

Chevron's crude exports to the U.S. reached their highest level since the company resumed buying Venezuelan oil, hitting 280,000 bpd. Repsol, a Spanish oil company, also shipped Venezuelan oil to both the U.S. and Spain.

India, once a key buyer of Venezuelan oil, saw a revival in deliveries with about 141,000 bpd, or three cargoes, exported in October. Licensed by the U.S., PDVSA’s oil shipments to the U.S., Europe, and India are part of agreements with joint venture partners like Chevron, Repsol, Eni, and Reliance.

China remained Venezuela's biggest oil customer, taking in 385,300 bpd directly and indirectly, though this was lower than the 451,500 bpd received in September. Meanwhile, shipments to ally Cuba, grappling with a deep energy crisis, rose slightly to 28,000 bpd from 22,000 bpd.

Fuel imports into Venezuela also increased in October, reaching 81,000 bpd from September’s 67,000 bpd, as per the latest data.

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