The recovery follows the operational framework agreed in January 2026 between Venezuela’s interim government under President Delcy Rodríguez and the US Treasury Department. Petroleum revenues flow through accounts audited by Deloitte with periodic reporting to both governments, according to Bloomberg. The arrangement accompanied domestic legislative reforms that reduced royalties, simplified joint venture procedures, and granted private operators expanded control over production operations. Chevron exported approximately 269,000 barrels per day in May under its expanded license, while commodity traders Vitol and Trafigura collectively shipped 787,000 barrels per day. Over the first semester, these three companies controlled 77 percent of Venezuela’s 187.1 million barrels in total exports.
Production levels represent substantial recovery from the 350,000 barrel per day minimum reached during July 2020 amid sanctions and operational collapse. The US Energy Information Administration projects Venezuela could return to pre-sanction production levels by mid-2026 if current trajectories continue. Aframax vessels handled 38 percent of loadings, followed by VLCCs at 32 percent and Suezmax tankers at 24 percent, reflecting the importance of Caribbean and medium-distance routes. Crude oil comprised 92 percent of shipments while fuel oil accounted for 8 percent. Exports to China, which stood at 740,000 barrels per day in December 2025, ceased completely by April 2026. Signal Ocean analysis indicates the increased South American supply from Venezuela, Brazil and Guyana provides refineries greater capacity to diversify sourcing away from Middle Eastern crude amid ongoing tensions in the Strait of Hormuz.
This article was curated and published as part of our South American energy market coverage.
