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Venezuelan Crude Exports Boosted 12% in 2023 by Eased Sanctions

OIL

Venezuela’s oil exports increased 12% y/y in 2023 to almost 700,000 bpd helped by eased UIS sanctions according to documents seen by Reuters.

  • China, which never suspended imports of Venezuelan crude despite sanctions, last year remained the largest destination for Venezuela's oil. China imported about 65% of the country's average exports of 695,192 bpd according to LSEG data and PDVSA documents.
  • The US received 19% of shipment volumes or about 135,000 bpd, while countries in Europe took 4% and Cuba imported 8%.
  • PDVSA fell short of a production goal of 1.17mn bpd in 2023, reaching just shy of 800,000 bpd in November according to OPEC figures.
Energy BulletsCommodities
Energy BulletsCommodities

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