Due to the high demand in the Chinese market, Venezuela has maintained stable oil exports
Photo: Wikimedia Commons.
According to an article by Reuters, Venezuela’s oil exports have remained stable due to strong demand from the People’s Republic of China, which has offset the decline in authorized sales previously permitted by the United States for Venezuelan crude.
It is worth recalling that in March 2025, the U.S. Departments of State and the Treasury revoked the authorizations that had been granted in recent years to partners and clients of the Venezuelan state-owned company Petróleos de Venezuela S.A. (PDVSA) for the export of crude oil.
In response to this measure, the U.S. government set a deadline for these companies to cease their commercial transactions with PDVSA. In the case of Venezuelan oil, this deadline was May 27, 2025.
In response to these actions, the Venezuelan government, led by Nicolás Maduro, described the sanctions as an “economic war” against the Latin American country.
It is important to highlight that, according to Reuters, these sanctions have been in place for years but were intensified in March. The first energy sanctions were imposed in 2019, and companies wishing to export Venezuelan oil or establish agreements with PDVSA must request authorization from the U.S. government.
In May, at least 30 vessels departed from Venezuelan ports carrying approximately 799,000 barrels of oil, including both crude and refined products, along with around 291,000 metric tons of petrochemical and petroleum by-products.
By comparison, in April Venezuela exported 783,000 barrels per day (bpd) of crude and fuels, reflecting a decrease from the 850,000–900,000 bpd exported in previous months. This drop was due to reduced purchases by companies requiring U.S. authorization to acquire Venezuelan crude.
During May, the People’s Republic of China was the largest buyer of Venezuelan oil. The Asian nation imported around 584,000 bpd, surpassing the 521,000 bpd purchased in April.
As for the United States, the country imported 140,000 bpd of Venezuelan oil, representing a slight increase of 10,000 barrels compared to the previous month.
During the same month, PDVSA did not send any shipments to Chevron or to India’s Reliance Industries. Instead, it completed a deal with its joint venture partner Maurel & Prom, marking one of the last agreements before the expiration of authorized licenses.
Additionally, PDVSA began exporting Boscán heavy crude to Asia. This oil, previously produced in partnership with Chevron, had supplied U.S. refineries until the licenses expired.
Chevron, for its part, confirmed that its authorization license had expired and stated that its current presence in the country is based on applicable regulations and compliance with existing laws, including U.S. sanctions.
Last but not least, it is worth noting that Venezuela increased its fuel imports by 65,000 bpd, rising from 94,000 in April to 159,000 barrels per day in May.
Main Source:
Venezuela’s oil exports stable as buyers in China receive more – Reuters
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