Venezuela’s oil exports show their highest level in 2024, with higher shipments to China, the United States and Europe.
Since 2023, Venezuela has had an extensive oil export license issued by the U.S. Treasury Department, which has eased sanctions imposed by the Trump administration since 2019. Since then, individual energy licenses have been issued.
Venezuela’s oil, along with companies such as Chevron and Repsol, exported nearly 885,000 barrels per day (bpd), representing an increase of more than 50% compared to the previous month and 62% more than in the same month in 2023.
The United States and Spain expand their business to Venezuela
This year, Venezuela’s oil exports have already surpassed the 2023 total, boosted by the expansion of foreign energy companies such as Chevron and Repsol, which have expanded their business in the country with no intention of withdrawing their licenses.
In the last month, 51 cargoes of oil and petrochemicals departed Venezuela, with Asia as the main destination, followed by the United States, Europe and Cuba. In addition, fuel imports rose to 90,000 bpd from 59,000 bpd, cementing Venezuela as a benchmark for growth in the energy sector.
The sustained increase in Venezuela’s oil exports and the active presence of international companies such as Chevron and Repsol reflect Venezuela’s new energy landscape.
With increased shipments to key destinations such as Asia, the United States and Europe, the country is once again positioned as a relevant player in the global oil market, boosting its economic growth and strengthening its trade ties. As sanctions continue to ease, Venezuela’s energy future promises an increasingly prominent role on the international stage.
Sources:
Port Portal. (2023, September 1).
Venezuela’s oil exports reached their highest level in four years in August. Port Portal. https://portalportuario.cl/exportaciones-petroleras-de-venezuela-alcanzan-en-agosto-su-nivel-mas-alto-en-cuatro-anos/
