Venezuela’s oil exports surged to their highest level in over four years in August, driven by increased shipments to China, the U.S., and Europe amid rising concerns over potential new U.S. sanctions linked to an electoral dispute.
According to shipping data, the state oil company PDVSA and its joint ventures with U.S. firm Chevron and Spain’s Repsol exported an average of nearly 885,000 barrels per day (bpd) of crude and fuel in August. This figure represents a 50% increase from the previous month and a 62% rise compared to August 2023.
The backdrop for this increase includes a political crisis stemming from a disputed presidential election in July, with both incumbent President Nicolas Maduro and opposition leader Edmundo Gonzalez claiming victory. The U.S. has warned of new sanctions if the Maduro government continues its current trajectory, which it views as isolationist and politically repressive.
The U.S. Treasury Department had previously granted a broad license allowing Venezuela to export oil freely, easing sanctions imposed since 2019. Although this authorization was not renewed in April, individual energy licenses have been issued since then.