July 11 (Reuters) -

Venezuelan state-run PDVSA's oil sales abroad in 2024 stood

at $17.52 billion, according to a results document seen by

Reuters on Friday, as exports jumped due to U.S. licenses

allowing foreign partners to operate in the sanctioned OPEC

member.

There are no comparative figures from previous years

because PDVSA has not published its results since 2016, and it

did not immediately respond to a request for comment.

Venezuela has some of the world's largest reserves of

oil, but its crude output remains at a fraction of what it was a

decade ago after a lack of investment, mismanagement at PDVSA

and U.S. sanctions on Venezuela's energy industry since 2019.

The licenses to U.S. oil major Chevron ( CVX ) and other

foreign firms in Venezuela have allowed a slight recovery in oil

output and exports since 2023.

In late May, however, Washington revoked those licenses to

take Venezuelan crude bound for U.S. and European refineries.

PDVSA's crude oil and fuel exports averaged 805,500 barrels

per day (bpd) last year, according to preliminary data from its

2024 financial and operational results.

That would be an over 15% hike from almost

700,000 bpd

in 2023, according to data and documents viewed by Reuters.

According to PDVSA's results, the OPEC member produced

an average of 952,000 bpd in 2024, compared with 783,000 bpd in

2023 reported by OPEC.

President Nicolas Maduro and his government have always

rejected sanctions by the United States and others, saying they

are illegitimate measures that amount to an "economic war"

designed to cripple Venezuela.

Maduro and his allies have cheered what they say is the

country's resilience despite the measures, though they have

historically blamed some economic hardships and shortages on

sanctions.

Crude production was above 1 million bpd in the first

quarter of 2025, according to the results documents, and

authorities have said that exports continue to perform normally.

In June, crude and fuel exports were 844,000 bpd, and were

directed to China, according to shipping data and documents.