Venezuela's PDVSA Sales Soar Amid U.S. License Changes
Venezuela's state-run PDVSA reported external hydrocarbon sales of $17.52 billion in 2024. This occurred during a period when U.S. licenses allowing foreign partners, such as Chevron, to export Venezuelan crude were active. However, these licenses were revoked by Washington in late May.
In a noteworthy financial report, Venezuela's state-owned oil company, PDVSA, recorded significant external hydrocarbon sales amounting to $17.52 billion in 2024. This lucrative year coincided with the issuance of U.S. licenses, which enabled foreign partners to operate within Venezuela's oil sector.
The licenses in question had initially permitted international energy giants, such as Chevron, to freely export crude oil from Venezuela, contributing to the surge in sales. However, this arrangement was abruptly altered when Washington decided to revoke these permissions.
The U.S. government's decision to retract the licenses poses new challenges for PDVSA and its foreign partners, signaling a shift in the geopolitical landscape and potentially impacting future and existing operations within Venezuela's crucial oil industry.
(With inputs from agencies.)
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