Venezuelan oil exports rose 15% in January for higher shipments of Chevron and Sales to China

In January, Venezuela’s oil exports increased by 15%, standing at about 867,000 barrels per daydriven by an increase in the shipments of the American Chevron and more cargoes to China, according to data based on the movements of the ships, indicates a note from the Reuters agency.

Banking and business

The administration of the former US president Joe Biden did not renew in 2024 a broad authorization so that Venezuela, a country on which sanctions weigh, freely exports its oil, but granted individual licenses to some partners and customers of the state Petróleos de Venezuela SA (PDVSA), allowing exports to flow to markets such as the United States, Europe and India.

In his first hours of mandate, President Donald Trump said that the United States does not need Venezuelan oil. But until now has not taken any measure to modify or revoke licenseswhile his government establishes initial contacts with Venezuelan president Nicolás Maduro, whose re -election last year was not recognized by Washington.

In January, Chevron increased Venezuelan oil exports to 294,000 BPD, the highest level Since the American producer began sending under his license in early 2023, and above a maximum of 280,000 BPD in October, according to LSE data and internal export records of PDVSA. All Chevron cargoes went to the United States to be prosecuted in their own refineries and sold to others.

Last month, China continued as the largest market for Venezuela’s oil, with 442,000 BPD21% above 364,000 BPD sent 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 Cuba, Maduro’s political ally, decreased to less than 10,000 bpd of fuel, from 29,000 BPD the previous month.

The stable raw processing operations in the largest oil producing region in Venezuela, the Orinoco oil girdlecontributed to the increase in exports, according to one of the internal documents.

However, heavy crude oil inventories, 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 in January 360,000 metric tons of oil and petrochemical derivatives, above 209,000 tons of the previous month.