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Venezuelan Oil Exports Rose 27% in August, to 966,485 Bpd, After a Restricted License Allowed Chevron to Resume Shipments to the United States. China Remains the Main Destination, but the U.S. Is Back on the Map.
The Venezuela ended August with its best performance in nine months, driven by the return of shipments to the Gulf of Mexico and larger volumes to Asia. According to ship tracking data and internal documents, Venezuelan oil exports rose to 966,485 barrels per day, a level not seen since November.
The movement came right after the U.S. Department of the Treasury granted Chemron a restricted license at the end of July, reopening limited operations in the country and allowing exports under specific rules, without transfers to the Venezuelan government.
With the authorization, ships chartered by the company resumed loading Venezuelan oil from mid-August, and U.S. imports were officially restarted in the second half of the month. This represents a marginal boost in the supply of heavy oil compatible with the profile of several Gulf refineries, even though financial sanctions remain limiting revenue flows to the government.
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Return to the U.S. with Chevron’s Restricted License
The authorization granted at the end of July was described as restricted because it prohibits fund transfers to the Venezuelan government, but allows Chevron to operate in joint ventures and export oil, including through swaps with PDVSA.
Shortly after, chartered oil tankers began returning to Venezuelan terminals, signaling operational normalization under the new terms.
In the second half of August, the first shipments destined for the U.S. were confirmed, marking the reentry of Venezuelan oil into the American market after about four months of pause.
Venezuelan Exports in August: 966,485 Bpd and a 27 Percent Increase
In August, exports reached 966,485 bpd, a jump of 27 percent compared to July and the highest level since November. These numbers stem from a combination of smoother logistics and the return of shipments to North America.
The operational stability in the Orinoco Belt, without significant interruptions in upgrading and blending systems, supported the increase in exportable volumes. In contrast, July had recorded a slowdown, as partners awaited new authorizations from Washington, which constrained some flows that month.
Where Did the Oil Go: China Dominates and the U.S. Returns to the Map
China accounted for 85 percent of the shipments in August, a smaller share than the almost 95 percent observed in July, reflecting the diversification of destinations with the partial reopening of the American market.
About 60,000 bpd went to the United States, while Cuba received approximately 29,000 bpd of oil and fuels, maintaining the supply pattern to the Caribbean.
There were also shipments of methanol to Europe, which expanded the basket of products exported that month.
Logistics and Blending, More Diluents to Export Heavy Oil
To make Venezuelan heavy oil exportable, the country increased imports of light oil and naphtha to 99,000 bpd in August, up from 58,000 bpd in July, expanding the supply of blends like Merey.
In addition to crude oil and fuels, external sales totaled 275,000 metric tons of byproducts and petrochemicals, the highest volume since May.
In practice, more diluents mean more exportable barrels, alleviating bottlenecks and helping to increase revenue in hard currency for the companies involved.
What Changes for the Market and Oil Prices
Although relevant for refineries that process heavy oil in the Gulf of Mexico, the return remains gradual and has a limited impact on the global balance, as Chevron’s management itself anticipated when discussing initial non-material volumes for the quarter.
The license is restricted and blocks transfers to the government, which continues to impose constraints on public finances and the pace of project expansion in the country.
If operational stability is maintained and authorizations remain active, the trend is to keep volumes close to 900,000 bpd in the short term, with a temporary relief of supply for the U.S. and room for adjustments in the differentials of heavy oil.
And what do you think? Will the restricted license for Chevron and the return of Venezuelan barrels to the U.S. really affect prices and the dynamic between the U.S. and China, or is it just a temporary relief? Share your thoughts in the comments.
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