Oil tanker ICARO sails through Lake Maracaibo. Photo: wilfredor.
Guacamaya, September 3, 2025. Venezuela’s exports rose to over 966,000 barrels per day (bpd) in August, a nine-month high, according to shipping data quoted by Reuters. This would be largely thanks to Chevron’s new U.S. Treasury license to resume its operations in Venezuela, after a four-month pause.
The bump was also produced thanks to larger cargoes being sent to the main importer of Venezuelan oil, China, which took 85% of all shipments, down from 95% in July. The remaining barrels of crude and fuel would be split between 60,000 bpd going to the U.S. and 29,000 bpd to Cuba.
Europe also imported several cargoes of methanol, which is not subject to sanctions. Venezuela also exported 275,000 metric tons of oil byproducts and petrochemicals in August, an increase from the 227,000 tons shipped the previous month.
The new Chevron license also helped Venezuela ramp up its imports of light crude and naphtha needed to dilute its domestic extra-heavy oil and thus produce exportable grades, rising from 58,000 bpd in July to 99,000 bpd in August.
