financetom
Business
financetom
/
Business
/
Venezuela's oil exports stable as buyers in China receive more
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Venezuela's oil exports stable as buyers in China receive more
Jun 3, 2025 3:18 AM

(Reuters) -Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA.

The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions.

The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron ( CVX ), due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China.

U.S. President Donald Trump's administration has increased pressure on Venezuela amid complaints about what U.S. officials have called the OPEC country's lack of progress towards electoral reforms and migrant returns.

President Nicolas Maduro's government rejects the sanctions and has said they amount to an "economic war" against Venezuela. The U.S. energy sanctions have been in place since 2019 and companies abiding by them need U.S. authorization to export Venezuela's oil or do business with PDVSA.

In May, a total of 30 vessels departed from Venezuelan waters carrying an average 779,000 barrels per day of crude and refined products, and 291,000 metric tons of oil byproducts and petrochemicals, according to the data and documents.

In April, the South American country had exported 783,000 bpd of crude and fuel as sales to U.S.-authorized customers began to fall, down from 850,000-900,000 bpd in previous months. In May 2024, oil exports averaged 770,000 bpd, according to the data.

China was the largest receiver of Venezuela's oil last month with some 584,000 bpd, above the 521,000 bpd of April. The U.S. received some 140,000 bpd, slightly more than the 130,000 bpd of the previous month.

PDVSA did not deliver any cargoes to Chevron ( CVX ) or India's Reliance Industries in May, but a large oil swap with joint-venture partner Maurel & Prom and trading house Vitol was completed as planned, marking the last U.S.-authorized deal before the license expirations.

The Venezuelan state firm began exporting Boscan heavy crude on its own to Asia, the documents showed. The grade jointly produced with Chevron ( CVX ) was feeding U.S. refiners before the license expirations.

PDVSA and Reliance did not immediately reply to requests for comment. Vitol and M&P declined to comment.

Chevron ( CVX ) last week confirmed its license for Venezuela had expired and said its presence in the country remained "in compliance with all applicable laws and regulations," including the U.S. sanctions framework.

Venezuela increased fuel imports to some 159,000 bpd in May from 94,000 bpd in April, the data showed, a move to replenish stocks of the heavy naphtha PDVSA needs to dilute its extra heavy output ahead of the reinforcement of U.S. sanctions.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Wearable Devices Wins US Patent for Voice, Gesture Control Technology; Shares Soar
Wearable Devices Wins US Patent for Voice, Gesture Control Technology; Shares Soar
Sep 10, 2025
09:31 AM EDT, 09/10/2025 (MT Newswires) -- Wearable Devices ( WLDS ) said Wednesday the US Patent and Trademark Office has granted a patent to its technology that integrates gesture recognition and voice control. Shares of the company soared 704% in recent trading activity Wednesday. The patent titled Gesture and Voice-Controlled Interface Device allows people to interact with devices such...
-- Air Canada Brief: Expanding Network For Summer 2026 In Europe and Asia
-- Air Canada Brief: Expanding Network For Summer 2026 In Europe and Asia
Sep 10, 2025
09:31 AM EDT, 09/10/2025 (MT Newswires) -- Price: 18.97, Change: -0.16, Percent Change: -0.84 ...
NeoVolta Signs Letter of Intent to Buy Neubau's Battery Platform
NeoVolta Signs Letter of Intent to Buy Neubau's Battery Platform
Sep 10, 2025
09:30 AM EDT, 09/10/2025 (MT Newswires) -- NeoVolta ( NEOV ) said Wednesday it has signed a letter of intent to buy strategic assets of Neubau Energy in a cash and stock transaction. NeoVolta ( NEOV ) said its sales team is already taking orders for Neubau's installation systems under the NeoVolta brand. The transaction, expected to ease the impact...
JetBlue expands service in rival Spirit's main hub
JetBlue expands service in rival Spirit's main hub
Sep 10, 2025
NEW YORK, Sept 10 (Reuters) - JetBlue Airways ( JBLU ) said on Wednesday that it will expand its service in rival Spirit Airlines' main market of Fort Lauderdale, Florida, with nine new nonstop routes across the United States, Latin America and the Caribbean. The company said it is reinforcing its presence at the airport as airlines rush to cash...
Copyright 2023-2026 - www.financetom.com All Rights Reserved