Venezuela’s Oil Exports Reach 1.23 Million Barrels per Day in April, Highest Since 2018

In April 2024, state-owned Petróleos de Venezuela, S.A. (PDVSA) reported average crude exports of 1.23 million barrels per day (bpd), a 14 % increase over March’s 1.08 million bpd and the strongest level since 2018. Maritime data show 66 vessels departed Venezuelan ports in April, up from 61 in March. The rise reflects both higher production and a faster turnover of accumulated inventories.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

The export rebound follows a series of U.S. sanctions relaxations that granted licenses for foreign firms to engage with PDVSA. These licenses, issued earlier in 2024, enabled companies such as Chevron, Vitol, and Trafigura to resume commercial negotiations and act as intermediaries for shipments to the United States, Europe, and Asia. A political accord involving President Donald Trump and Venezuelan Vice President Delcy Rodríguez is cited as creating a “new negotiation environment” that facilitated the resumption of oil production and export activities.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• International oil majors: U.S. firms Hunt Overseas and Crossover Energy signed Orinoco Belt agreements; European companies Eni, Repsol, and BP expanded operations; ExxonMobil and ConocoPhillips deployed technical teams for potential investments.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• Trading houses: Vitol and Trafigura now handle roughly 56 % of exports (?691 000 bpd).

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• Chevron: Accounts for about 25 % of exports (?308 000 bpd), up from 267 000 bpd in March.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• United States: ?445 000 bpd, up from 363 000 bpd in March.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• India: ?374 000 bpd, up from 342 000 bpd. Reliance Industries’ refinery receives large volumes directly from PDVSA and through trading firms.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• Europe: ?165 000 bpd, up from 144 000 bpd.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• Caribbean terminals: ?187 000 bpd serve as storage and redistribution hubs.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

In addition to crude, Venezuela exported 360 000 metric tons of derivatives and petrochemicals in April, slightly below March’s 382 000 tons, while naphtha imports fell to 141 000 bpd from 155 000 bpd.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

Venezuela’s re-entry as a significant crude supplier alters the supply-demand balance within OPEC and the broader market. The added volume arrives amid tight global supplies, potentially moderating price pressures and offering buyers diversification away from traditional sources. The shift also reshapes trade routes, with increased shipments to the United States and emerging Asian markets.

Venezuela increases oil exports to a 7-year high

• U.S. Treasury: “Licenses granted this year allow international companies to resume negotiations with state-owned PDVSA,” underscoring the policy shift that enabled the export surge.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

• PDVSA: Internal documents released on 1 May confirm the 66-vessel shipment count and the 1.23 million bpd export level, describing the performance as “a sign of gradual recovery” despite ongoing infrastructure challenges.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.

Venezuela’s export growth depends on political stability, the continuation of U.S. licenses, and the ability to attract multimillion-dollar investments for infrastructure rehabilitation. Production remains well below historic capacity, and long-term sustainability will require consistent operational improvements and favorable international agreements. If these conditions persist, Venezuela is positioned to consolidate its role as a major oil exporter in the coming years.

Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.