The Amuay oil refinery in the Paraguana Peninsula, in northwestern Venezuela. Photo: Génesis García.
Guacamaya, October 1, 2025. Venezuela exported 1.09 million barrels per day in September, the highest monthly level since February 2020, according to data referenced by Reuters.
This figure is 13% higher than in the previous month, while China consolidates its monopsony, buying up 84% of Venezuelan crude.
A new sanctions waiver granted in late July by the Trump administration to Chevron also allowed a limited amount to flow to the U.S., reaching 108,000 bpd in September.
However, the U.S. oil giant is exporting less than half of what it did under the previous authorisation, where it reached a high of 300,000 bpd. Under the current framework, Chevron pays the Venezuelan state and PDVSA, its joint venture partner, in kind with diluents and barrels of crude.
Venezuela also usually exports around 30,000 bpd to Cuba, but it was not explicitly referenced in Reuter’s article for that month. Other markets, like India and Europe, prefer to stay off this trade due to the threat of sanctions and secondary tariffs.
The South American country’s production took a heavy hit between 2017 and 2020 by a devastating combination of U.S. unilateral sanctions and mismanagement. However, it has been able to slowly but steadily recover output since 2021, in large part thanks to new investments by foreign energy companies.
