Venezuela’s oil exports rose to 1.23 million barrels per day (bpd) in April, the highest level since 2018, as shipments to the United States, India, and Europe accelerated.
Exports climbed 14% from March levels, according to shipping data and PDVSA documents, with 66 cargoes leaving Venezuelan ports during the month. That compares with 61 vessels in March carrying about 1.08 million bpd.
Since the January capture of Nicolas Maduro and the installation of an interim government, Washington has eased sanctions and taken control of Venezuelan oil sales. That shift has reopened access for trading houses and joint-venture partners, including Chevron, to move barrels into U.S., European, and Asian markets.
The result is a rapid drawdown of inventories alongside a gradual recovery in output.
Flows to the United States are rising again, with Chevron already importing Venezuelan crude into Gulf Coast refineries designed to process heavy barrels. India is also increasing its take, adding another outlet for volumes that had been stranded under sanctions.
International oil companies are also moving back in.
New agreements signed this week with U.S. firms Hunt Overseas and Crossover Energy target the Orinoco Belt, Venezuela’s core heavy crude region. European majors, including Eni, Repsol, and BP are also expanding or exploring positions, while ExxonMobil and ConocoPhillips have sent teams to assess opportunities.
Venezuela is moving from an isolated producer to an active supplier again, with multiple buyers and operators re-entering the system.
Even so, the recovery has limits. Venezuela still produces a fraction of its historical capacity, and rebuilding infrastructure will require tens of billions of dollars over several years.
For now, the barrels are coming from inventory and incremental output gains. Nevertheless, Venezuelan crude is back in the market, and it is moving across multiple destinations at a time when global supply remains tight.
By Julianne Geiger for Oilprice.com
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