Photo VTV
Guacamaya, July 2, 2025. Venezuela’s oil exports rose by 8% in June, reaching an average of 844,000 barrels per day (bpd), driven by a significant increase in shipments to China. The uptick helped offset the country’s loss of access to U.S. and European markets after Washington revoked key licenses.
The latest export figures show that Venezuela has managed to partially circumvent the new restrictions imposed by the United States, which in late May annulled licenses previously granted to companies such as Chevron and Repsol for the marketing of Venezuelan crude in the West. Caracas responded swiftly by strengthening its energy ties with Asia, particularly China.
In June, 27 tankers departed Venezuelan waters, mostly bound for Asian markets, carrying a daily average of 844,000 bpd of crude and refined products, along with 233,000 metric tons of petrochemicals and byproducts. This marks an increase compared to May, when exports averaged 779,000 bpd and 329,000 metric tons of derivatives.
According to shipping data and internal PDVSA documents, roughly 90% of June’s oil shipments were directed to China, either directly or via transshipment hubs — up from 75% in May. To navigate the restrictions, PDVSA has turned to lesser-known intermediaries who broker deals with independent Chinese refineries. Among the most notable shipments were three cargos of Boscán crude — a heavy oil traditionally sold to the U.S. — now redirected to Asia, where it is primarily used in asphalt production.
In addition to China, Venezuela continued exporting to strategic allies such as Cuba, which received around 8,000 bpd, and sent smaller volumes of methanol and petroleum coke to Europe and India.
PDVSA has also managed to sustain production levels at its oil fields, especially at the Boscán field, one of the country’s largest, thanks to the export momentum. The company did not import any diluents in June, having preemptively filled its storage tanks with imported refined products before the license cancellations took effect.
This strategic pivot in Venezuela’s oil trade coincides with a deepening of diplomatic ties between Caracas and Beijing. Throughout June, Venezuelan and Chinese officials held several meetings to commemorate the anniversary of bilateral relations.
