Guacamaya, March 5, 2025. Venezuelan oil exports rose to their highest level since November, reaching 934,465 barrels per day (bpd) of crude oil and fuel, according to Reuters.
China emerged as the primary market, importing 503,000 bpd. The American corporation Chevron exported 252,000 bpd, of which 239,000 went to the United States. Shipments to Europe accounted for 69,000 bpd, to India 68,000 bpd, and to Cuba 42,000 bpd, the news agency reported.
Venezuela also imported 86,000 bpd of fuel through “swaps” or exchanges with PDVSA partners, down from 132,000 bpd in January.
On Tuesday, the U.S. Department of the Treasury announced the end of the “Chevron License,” which allowed the corporation to continue operating in joint ventures with Pdvsa. Chevron will have 30 days to wind down its production and export operations.
Analysts cited by Reuters expect Pdvsa to ultimately send more crude oil to China following the revocation of the Chevron License. However, exports under sanctions become more costly for Venezuela, as they require intermediaries and involve offering significant discounts on the sale price.
U.S. heavy crude refineries, particularly those in the Gulf of Mexico, will face increased costs as sanctions against Venezuela combine with tariffs on Canada and Mexico.
