(Investing) – Venezuelan state-run PDVSA’s oil gross sales overseas in 2024 stood at $17.52 billion, based on a outcomes doc seen by Reuters on Friday, as exports jumped on account of U.S. licenses permitting overseas companions to function within the sanctioned OPEC member.
There aren’t any comparative figures from earlier years as a result of PDVSA has not revealed its outcomes since 2016, and it didn’t instantly reply to a request for remark.
Venezuela has a few of the world’s largest reserves of oil, however its crude output stays at a fraction of what it was a decade in the past after a scarcity of funding, mismanagement at PDVSA and U.S. sanctions on Venezuela’s vitality trade since 2019.
The licenses to U.S. oil main Chevron (NYSE:) and different overseas corporations in Venezuela have allowed a slight restoration in oil output and exports since 2023.
In late Could, nevertheless, Washington revoked these licenses to take Venezuelan crude sure for U.S. and European refineries.
PDVSA’s and gas exports averaged 805,500 barrels per day (bpd) final yr, based on preliminary information from its 2024 monetary and operational outcomes.
That may be an over 15% hike from nearly 700,000 bpd in 2023, based on information and paperwork considered by Reuters.
In line with PDVSA’s outcomes, the OPEC member produced a median of 952,000 bpd in 2024, in contrast with 783,000 bpd in 2023 reported by OPEC.
President Nicolas Maduro and his authorities have at all times rejected sanctions by america and others, saying they’re illegitimate measures that quantity to an “financial conflict” designed to cripple Venezuela.
Maduro and his allies have cheered what they are saying is the nation’s resilience regardless of the measures, although they’ve traditionally blamed some financial hardships and shortages on sanctions.
Crude manufacturing was above 1 million bpd within the first quarter of 2025, based on the outcomes paperwork, and authorities have stated that exports proceed to carry out usually.
In June, crude and gas exports had been 844,000 bpd, and had been directed to China, based on delivery information and paperwork.
