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OIL: Venezuela’s Oil Exports Rose in Jan: Reuters

OIL

Venezuela’s oil exports rose 15% to 867k b/d in January, driven by an increase in output from Chevron’s joint venture with PDVSA, Reuters said.

  • President Trump said the US does not need Venezuela's oil but has not taken any action to amend or revoke licenses so far.
  • Chevron increased exports of Venezuelan oil to 294k b/d, the highest since it began shipments under license in early 2023 and passing the previous high of 280k b/d in October.
  • All Chevron cargoes went to the US for processing.
  • China remained the largest market for Venezuela’s oil, taking 442k b/d.
  • PDVSA and its joint ventures imported 11k b/d of heavy naphtha and other fuels in Jan, below the 130k b/d in December.
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Venezuela’s oil exports rose 15% to 867k b/d in January, driven by an increase in output from Chevron’s joint venture with PDVSA, Reuters said.

  • President Trump said the US does not need Venezuela's oil but has not taken any action to amend or revoke licenses so far.
  • Chevron increased exports of Venezuelan oil to 294k b/d, the highest since it began shipments under license in early 2023 and passing the previous high of 280k b/d in October.
  • All Chevron cargoes went to the US for processing.
  • China remained the largest market for Venezuela’s oil, taking 442k b/d.
  • PDVSA and its joint ventures imported 11k b/d of heavy naphtha and other fuels in Jan, below the 130k b/d in December.