The revenue figures reflect a dramatic shift in PDVSA’s operating environment following the Trump administration’s revocation of General License 41 at the end of the first half of 2025. The general license, which had provided Chevron and other companies broad authorization to operate in Venezuela, was replaced with a restricted specific permit. July 2025 marked a complete cessation of crude shipments to the United States as companies adjusted to the new regulatory framework.
Price dynamics worsened into early 2026, with Merey crude averaging $43.21 per barrel in January 2026, down $22 from January 2025 levels—a 33 percent decline. January 2026 exports approached 800,000 barrels daily but remained nearly 8 percent below year-earlier volumes. PDVSA billed $863 million that month, 42 percent below January 2025.
The company’s revenue situation transformed fundamentally following a reported January 3, 2026 U.S. military operation in Caracas. Six days later, Executive Order 14.373 established direct U.S. government control over PDVSA’s foreign oil sales revenue through Foreign Government Deposit Funds administered by the Treasury Department. This mechanism effectively freezes access to new income streams generated outside Venezuelan territory.
March 2026 provided temporary relief when geopolitical events drove Merey crude prices up 64 percent, or approximately $33 per barrel. Combined with exports exceeding one million barrels daily—48 percent above February levels—PDVSA billed nearly $2.5 billion in March alone, 48 percent more than January and February combined. The first quarter 2026 total approached $4.1 billion, matching 2025 levels, though disbursement remains blocked under Treasury Department administration of payment accounts.
This article was curated and published as part of our South American energy market coverage.
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