Venezuela’s crude oil exports rose in April to around 1.23 million barrels per day. According to data from state-owned oil company PDVSA cited by Reuters, this was the highest monthly level since 2018 and represented a 14% increase compared with March. The higher sales volumes were directed mainly to the United States, India and Europe.
The rebound came at a time when global markets have been looking for alternative sources of supply. Amid uncertainty in energy markets and geopolitical tensions, Venezuelan crude — especially its heavy grades — has once again gained importance for refineries specialised in processing this type of feedstock.
Foreign partners of PDVSA are playing a key role in the recovery of sales. A significant share of exports is being handled by Chevron through joint ventures with the Venezuelan side. At the same time, Caracas is strengthening cooperation with new partners from the United States. Hunt Overseas Oil Company and Crossover Energy have signed memoranda concerning activities in the Orinoco Belt, one of the world’s richest oil regions.
European energy companies are also returning to the Venezuelan market. BP has reached an agreement on the development of the Cocuina-Manakin offshore gas fields on the border with Trinidad and Tobago, while also assessing the potential of the Loran field. Eni and Repsol are working to increase gas production from the Cardon IV field. Eni has also signed an agreement to resume heavy oil production projects in the Orinoco Belt.
These moves signal Venezuela’s determination to attract capital after years of sanctions, isolation and deep operational problems. For the country, higher exports offer a chance to increase budget revenues. However, the durability of this recovery remains uncertain. Further development of the sector will depend on regulatory stability, access to modern technology and, most importantly, political decisions concerning licences and international sanctions.
