Venezuela's Oil Exports Increased Following Reduction of U.S. Sanctions in 2023

Information obtained by Reuters on Wednesday indicates that with the reduction of U.S. sanctions against Venezuela's energy sector, the country's crude oil exports, a member of OPEC, increased by 12% to 700,000 barrels per day in 2023. According to the news agency, this increase in oil exports, resulting from the easing of U.S. sanctions imposed since 2019, has allowed Venezuela's state oil company (PDVSA) to restore its position in the global market. The reduction of sanctions opened the doors of the U.S. and European markets to Venezuelan oil and fuel. The United States accounted for 19% of Venezuela's oil exports last year, while European countries made up 4% of the country's oil exports. China, purchasing 65% of Venezuela's crude oil, is the largest buyer of this South American country's oil. Venezuela aims to increase its crude oil exports to over one million barrels per day, but this increase is conditional on the renewal of the relevant license by the United States, which is set to expire in April 2024. Venezuela's average daily crude oil production until November of last year was about 784,000 barrels. This figure was approximately 716,000 barrels in 2022 and 636,000 barrels per day in the previous year, 2021. The U.S. and Venezuela reached an agreement for a prisoner exchange; 10 Americans were exchanged with a close ally of Maduro. The Venezuelan government is seeking to attract the country's opposition leader, Juan Guaido: this is harassment. Exclusive Reuters report: Venezuelan tankers are at risk of leaks, sinking, and fire. Venezuela ordered the construction of two new tankers from Iran; settling previous debts with fuel delivery. Cooperation between the Islamic Republic of Iran and Venezuela in circumventing U.S. oil sanctions.