Chevron oil tanker ship (Mississippi Voyager) in Richmond, California. Photo: Dreamyshade.
Guacamaya, May 2, 2025. Reuters estimates that Venezuela’s oil exports fell by 20% in April, averaging 700,000 barrels per day (bpd). This would be the lowest level in nine months.
The main reason is that Chevron was forced to return canceled shipments by PDVSA after President Donald Trump ordered the U.S. giant to cease its operations in Venezuela.
Of a dozen Chevron vessels that had to return their cargo to Venezuelan terminals, around five were reportedly waiting near Aruba, according to Reuters. On Thursday, the last tanker chartered by Chevron allegedly unloaded 300,000 barrels at the Amuay terminal.
Other companies, such as Global Oil, Maurel et Prom, Reliance Industries, and Vitol, are reportedly rushing to increase their shipment volumes before the May 27 deadline, when U.S. government licenses expire.
In April, the top destination for Venezuelan oil exports was China, with 428,000 bpd, followed by the U.S. with 138,000 bpd and India with 64,200 bpd, according to LSEG data. Chevron contributed only 66,000 bpd.
Last month, Executive Vice President and Minister of Hydrocarbons Delcy Rodríguez visited China and urged the country to increase its purchases of Venezuelan oil.
Bloomberg reported that at least four “zombie vessels“—using identities of decommissioned tankers—have departed Venezuela for East Asia.
The figures also suggest that several countries are not taking seriously Trump’s threat of secondary tariffs, which would affect any market purchasing Venezuelan oil since April 2.
The South American country increased imports of heavy naphtha to 94,000 bpd in April, up from 82,000 bpd in March, to boost PDVSA’s diluent inventory.
Last month, Venezuela also launched a new medium-acid crude blend, Blend 22, produced in western fields. According to various sources, this crude has been allocated for shipments to the U.S. and Europe.
