Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses
Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses granted by Washington.
As President Nicolas Maduro gets ready to start his third term in office next week following disputed election results, the OPEC country's oil exports rose for a second consecutive year, providing revenue to contribute to economic growth.
U.S.-sanctioned PDVSA PDVSA.UL and its joint ventures exported an average of 772,000 barrels per day last year, the most since 2019 when energy sanctions were first imposed by Washington, according to vessel movement data and company shipping reports.
The gains could be in jeopardy after President-elect Donald Trump takes office. Trump put strict sanctions on Venezuela in his first term and has selected officials who could seek to cut U.S. imports of Venezuelan oil.
Outgoing President Joe Biden's administration gave incentives to encourage a presidential election in Venezuela, but after basic conditions for fair voting were not secured it ended a broad license for the energy sector, instead issuing individual licenses to exporters.
A large portion of the year's export gains came from U.S. oil major Chevron's CVX.N
Content Original Link:
" target="_blank">
