Venezuela’s oil exports rose 15% to some 867,000 barrels per day in January, driven by an increase in shipments by U.S. major Chevron Corp from its joint ventures with state firm PDVSA, and more cargoes to China, data based on vessel movements showed.
The administration of former U.S. President Joe Biden last year did not renew a broad authorization for sanctioned Venezuela to freely export its oil, but granted individual licenses to some PDVSA partners and customers, allowing exports to flow to markets such as the U.S., Europe and India.
President Donald Trump has said the U.S. does not need Venezuela’s oil, but has not taken any action to amend or revoke licenses as his government makes initial contacts with Venezuelan President Nicolas Maduro, whose re-election last year was not recognized by Washington.
In January, Chevron increased exports of Venezuelan oil to 294,000 bpd, the highest since the U.S. producer began shipments under its license in early 2023, and above a previous high of 280,000 bpd in October, according to LSEG data and PDVSA’s internal exports records.
All Chevron’s cargoes went to the U.S. for processing at its own refineries and sales to others.
China remained the largest market for Venezuela’s oil last month with 442,000 bpd, 21% above the 364,000 bpd shipped to that destination in December.
Venezuela’s exports to Europe doubled to 63,000 bpd from 30,500 bpd in December, while shipments to India averaged 60,100 bpd, in line with previous months. Exports to Maduro’s political ally Cuba declined to less than 10,000 bpd of fuel, from 29,000 bpd the previous month.
Stable crude processing operations in Venezuela’s largest oil producing region, the Orinoco Belt, contributed to higher exports, according to one of the internal documents.
However, inventories of heavy crude there, which are essential for exports, fell to 6.2 million barrels from 7.5 million barrels at the end of December, which could lead to lower exports this month.
Venezuela also exported 360,000 metric tons of oil byproducts and petrochemicals in January, above the 209,000 tons of the previous month.
PDVSA and its joint ventures imported 111,000 bpd of heavy naphtha and other fuels last month, below the 130,000 bpd of December, according to the data.
(Reporting by Marianna Parraga in Houston; Editing by Nia Williams)