Venezuela’s Oil Surge: PDVSA Sees Significant Boost with 950,000 Barrels Exported Daily in October

Venezuela’s Crude Oil Exports Reach 4-Year High in October 2024

Venezuela’s crude oil exports in October 2024 reached their peak in 4 years, reaching almost 950,000 barrels of oil per day (bpd).

According to Reuters, documents from Petróleos de Venezuela SA (Pdvsa) indicated that this was due to the increased production of crude oil in the country, as well as its sales to countries such as the United States and India.

Pdcsa and its joint ventures exported approximately 947,387 barrels of crude oil and fuel per day, which means that there is an increase of 21% compared to the previous month (September 2024).

This would be the highest monthly figure recorded since the start of 2020, based on ship movements, according to data accessed by the international media.

Key Export Destinations

For its part, the American oil company Chevron sent 280,000 bpd to the United States, which is the highest level since the company resumed exporting Venezuelan oil at the beginning of 2023.

PDVSA also increased exports to India, sending nearly 141,000 bpd in October.

China remains the main destination for Venezuelan oil shipments, with 385,300 bpd sent last month. However, this represents a decrease from the 451,500 bpd exported in September.

Venezuela also sent 28,000 bpd to Cuba last month, up from 22,000 bpd in September.