Venezuela's Oil Exports Rise in January, Driven by Chevron Shipments
Venezuela's oil exports increased by 15% to an estimated 867,000 barrels per day (bpd) in January. This surge was primarily due to increased shipments by Chevron Corporation, the U.S.-based energy giant.
Under licenses granted by the Biden administration, Chevron ramped up its exports of Venezuelan oil to 294,000 bpd, a significant increase from previous months. The shipments were destined for processing at Chevron's own refineries and for sale to third parties in the United States.
China remained the top destination for Venezuelan oil, importing 442,000 bpd, a 21% increase from December. Exports to Europe also saw a notable rise, doubling from 30,500 bpd to 63,000 bpd. India continued its steady demand, averaging 60,100 bpd.
Despite the overall increase in exports, shipments to Cuba, a political ally of Venezuela's government, declined from 29,000 bpd to less than 10,000 bpd.
Stable crude processing operations in the Orinoco Belt, Venezuela's primary oil-producing region, played a key role in boosting exports. However, heavy crude inventories, crucial for exports, fell to 6.2 million barrels from 7.5 million barrels, potentially impacting future export volumes.
In addition to crude oil, Venezuela exported 360,000 metric tons of oil byproducts and petrochemicals in January, an increase from the previous month. Meanwhile, imports of heavy naphtha and other fuels by PDVSA and its joint ventures declined from 130,000 bpd in December to 111,000 bpd in January.