Venezuela’s oil exports fell sharply in October, declining 26% from the previous month to about 808,000 barrels per day (bpd) amid shrinking inventories and reduced imports of key blending components, according to internal documents and shipping data from state oil company PDVSA.
The drop comes just one month after the OPEC member reached a five-year export high, supported by stable crude production of roughly 1.1 million bpd and steady imports of Russian light crude and naphtha earlier in the year. These diluents are crucial for processing the country’s extra-heavy Orinoco crude into exportable grades.
Falling imports, lower inventories
Data reviewed by Reuters show that Venezuela’s diluent imports declined from an average of 105,000 to 110,000 bpd in the first half of the year to just 73,500 bpd in October. In September, imports were even lower, at about 41,000 bpd. The reduced supply has eroded PDVSA’s inventories of diluents and blend crudes, limiting its ability to sustain export volumes.
A total of 34 tankers departed from Venezuelan ports in October carrying crude oil, refined fuels, and petrochemical byproducts. The combined shipments represented a 9% decline compared with the same month in 2024.
China remains Venezuela’s top buyer
Roughly 80% of Venezuela’s oil exports — around 663,000 bpd — went to China, either directly or through intermediaries that have facilitated sales since U.S. sanctions on PDVSA began in 2019. China remains the primary destination for Venezuelan crude, despite growing logistical and financial hurdles.
Chevron, which operates in Venezuela under a U.S. license, shipped about 128,000 bpd to the United States last month. The authorization, granted by the Trump administration in August, allows the company to export oil from its joint ventures but limits the volumes after accounting for royalties and taxes paid to President Nicolás Maduro’s government.
Venezuela also sent roughly 11,000 bpd of refined products to Cuba, maintaining energy cooperation with its longtime political ally.
Production outlook
Industry observers note that Venezuela’s reliance on imported diluents continues to constrain its export potential. Without access to consistent foreign supply, especially from Russia, a key source of light oil and naphtha, PDVSA faces difficulties maintaining steady shipments.
Although crude output has stabilized near 1.1 million bpd this year, the decline in exports signals that operational challenges and sanctions-related trade limitations are still weighing on the country’s recovery.