From the $14.5 billion in total invoicing, Venezuela deducted $4.7 billion to pay for U.S. military mobilization costs associated with what President Donald Trump termed the “Total and Complete Blockade” during the fourth quarter of 2025, culminating in the January 3, 2026 invasion of Caracas. Trump confirmed publicly that this debt was settled through petroleum deliveries, representing between 40 million and 60 million barrels. The $4.7 billion payment accounts for 32.4 percent of Venezuela’s first-half oil export revenues.
Beyond the military cost recovery, Chevron’s operations removed another $4 billion from potential government receipts. The company produces and exports approximately 250,000 barrels daily, representing 27 percent of Venezuela’s total petroleum exports. However, Pisella noted that production costs, operational expenses, debt deductions, and diluent exchanges mean the effective revenue retention from Chevron operations is closer to zero after accounting for these obligations.
After subtracting both the U.S. military payment and Chevron-related deductions, Venezuela’s net oil revenue inflow stood at approximately $7 billion for the first half of 2026. This calculation aligns closely with the Central Bank of Venezuela’s foreign exchange market allocations of $6.7 billion during the same period, more than double the $3 billion allocated throughout all of 2025.
The revenue structure demonstrates how production-sharing arrangements and external obligations significantly reduce the fiscal benefit from gross export values. The $7 billion net inflow compares against Venezuela’s total 2026 public expenditure budget of $19.9 billion, meaning first-half oil revenues covered roughly 35 percent of planned annual government spending.
This article was curated and published as part of our South American energy market coverage.
