VENEZUELA'S OIL EXPORTS RISES

Shipping data showed Venezuela's oil exports rose 15% in January to 867,000 barrels per day, driven by higher shipments to U.S.-based Chevron Corp, its joint ventures with state-owned PDVSA, and higher shipments to China.

Last year, former U.S. President Joe Biden's administration did not renew a broad permit for free oil exports to sanctions-hit Venezuela, but issued individual licenses to some PDVSA partners and customers, allowing them to export to markets including the U.S., Europe and India.

President Donald Trump has said the United States does not need Venezuelan oil, but has taken no action to modify or revoke licenses as his government makes initial contact with Venezuelan President Nicolas Maduro, whose reelection last year was not recognized by Washington.

Chevron increased Venezuelan crude exports to 294,000 barrels per day in January, the highest level since the U.S. producer began shipping under its license in early 2023 and above the previous high of 280,000 barrels per day reached in October, according to LSEG data and internal PDVSA export reports.

All of Chevron’s cargo was shipped to the United States to be processed in its refineries and sold to other companies.

China remained Venezuela's largest market last month, with 442,000 barrels per day, up 21% from 364,000 barrels per day delivered in December.

Venezuela's exports to Europe doubled from 30,500 barrels per day to 63,000 barrels per day in December, while shipments to India averaged 60,100 barrels per day, in line with previous months. Exports to Cuba, Maduro's political ally, fell to less than 10,000 barrels per day, from 29,000 barrels per day the previous month.

The export growth was driven by steady crude oil refining in Venezuela's largest oil-producing region, the Orinoco Belt, according to an internal document.

However, stockpiles of heavy crude needed for export fell to 6.2 million barrels from 7.5 million barrels at the end of December, which could lead to lower exports this month.

Venezuela also exported 360,000 tons of oil byproducts and petrochemicals in January, 209,000 tons more than the previous month.

Data showed that PDVSA and its joint ventures imported 111,000 barrels per day of heavy naphtha and other fuels last month, down from 130,000 barrels per day in December.