Venezuelan Oil Resilience: Despite Sanctions, Exports Surge with 2024 Boom

Venezuela's state-operated PDVSA reported hydrocarbon sales abroad totaling $17.52 billion in 2024, based on documents reviewed by Reuters. This significant revenue figure was achieved during a year when U.S. licenses permitting foreign entities to operate in Venezuela remained fully active.

However, the U.S. government revoked these licenses in late May 2025, impacting partners like Chevron, who were authorized to export Venezuelan crude. Despite this setback, PDVSA managed to export an average of 805,500 barrels per day (bpd) in 2024, a notable increase from the 700,000 bpd average reported in the preceding year.

The Latin American nation saw an average production of 952,000 bpd according to the 2024 operational results, compared to 783,000 bpd documented in the 2023 OPEC report. Venezuelan President Maduro's administration calls the sanctions an "economic war," claiming economic resilience. Despite revocations, authorities report over 1 million bpd production, directing June exports to China.

(With inputs from agencies.)