In 2024, Venezuela saw a notable 10.5% increase in its oil exports, reaching the highest levels since 2019. This growth occurred despite ongoing difficulties, such as changing U.S. sanctions and a shaky economy at home. On average, the country exported 772,000 barrels of oil per day.
A big part of this increase is thanks to the relaxation of U.S. sanctions under President Biden, which allowed companies like Chevron to start shipping Venezuelan oil again. Chevron has also been able to collect a lot of money owed to them by Venezuela through these exports.
The United States has become the second-largest buyer of Venezuelan oil, with exports to the U.S. jumping by 64% to 222,000 barrels per day in 2024. However, China still remains the top buyer, even though shipments to China dropped by 18% compared to last year. Meanwhile, India has become a more important customer for Venezuelan oil, significantly increasing its imports from 10,300 barrels per day to 63,115 barrels per day.
This increase in exports is also linked to a new agreement between Venezuela and India, which could mean even more Venezuelan oil goes to India in 2025. Still, the future of Venezuela’s oil exports is uncertain. Ongoing refinery problems and a decrease in exports in December have raised concerns about how long this growth can last.
The unstable political situation under President Nicolás Maduro and possible changes in U.S. policies could greatly affect the stability of Venezuela’s oil exports. Despite these challenges, Venezuela is seeing a rise in oil production, up 17% from last year, and is forming strong relationships with other countries. However, it’s uncertain whether this positive trend can continue amid both internal and external pressures.
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