Venezuela Oil Exports Up 19.7% This Year, PDVSA Says

Venezuela's oil exports have increased by 19.7 percent so far in 2026 compared to the same period last year, according to state producer PDVSA. The increased production could reach 1.245 million barrels per day by the end of August, with fuel production up 12.9 percent this year, including a 5.4 percent rise in domestic sales. PDVSA's exploration chief, Jovanny Martinez, made these announcements at an investor event in Houston, speaking on August 18th.

The increase follows a low starting point for exports in December 2025, which rose to about 800,000 barrels per day in January. However, exports have since leveled off, with July figures at around 1.16 million barrels per day. The trade to US refineries is dominated by one buyer, with Reuters reporting about 786,000 barrels per day in July, the highest since early 2019.

The success of this trade relies on US Treasury licenses and authorizations for production, shipping, and refining, which can be reversed with a single filing. Venezuela holds around 303 billion barrels of proven reserves, but the challenge lies in rebuilding wells, power, and refineries due to years of neglect. The country aims to produce 1.37 million barrels per day by the end of 2026, but recent production dips show that meeting this goal is a significant challenge.