Venezuela’s PDVSA saw a $17.52 billion increase in oil sales abroad in 2024, thanks to U.S. licenses allowing foreign partners to operate. The country’s oil output remains low compared to a decade ago due to lack of investment, mismanagement, and U.S. sanctions since 2019.

Chevron and other foreign firms’ licenses in Venezuela led to a slight recovery in oil output and exports since 2023. However, Washington recently revoked these licenses, impacting Venezuelan crude bound for U.S. and European refineries.

PDVSA’s crude oil and fuel exports averaged 805,500 bpd in 2024, a 15% increase from the previous year. The OPEC member’s production reached 952,000 bpd in 2024, compared to 783,000 bpd reported by OPEC in 2023.

President Maduro and his government denounced U.S. sanctions as illegitimate, calling them an “economic war.” Despite economic hardships and shortages, Maduro’s allies highlight Venezuela’s resilience, with crude production surpassing 1 million bpd in Q1 2025 and exports continuing normally.

In June, Venezuela’s crude and fuel exports reached 844,000 bpd, with shipments directed to China. Authorities confirm exports are performing as usual.

Read more at Yahoo Finance: Venezuela’s PDVSA oil sales abroad hit $17.5 billion in 2024 as exports jump