Latest news with #PDVSA
Time of India
12-07-2025
- Business
- Time of India
Venezuela's PDVSA oil sales abroad hit $17.5 billion in 2024 as exports jump
Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to US licenses allowing foreign partners to operate in the sanctioned OPEC member. There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment. Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and US sanctions on Venezuela's energy industry since 2019. The licenses to US oil major Chevron and other foreign firms in Venezuela have allowed a slight recovery in oil output and exports since 2023. In late May, however, Washington revoked those licenses to take Venezuelan crude bound for US and European refineries. PDVSA's crude oil and fuel exports averaged 805,500 barrels per day (bpd) last year, according to preliminary data from its 2024 financial and operational results. That would be an over 15 per cent hike from almost 700,000 bpd in 2023, according to data and documents viewed by Reuters. According to PDVSA's results, the OPEC member produced an average of 952,000 bpd in 2024, compared with 783,000 bpd in 2023 reported by OPEC. President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions. Crude production was above 1 million bpd in the first quarter of 2025, according to the results documents, and authorities have said that exports continue to perform normally. In June, crude and fuel exports were 844,000 bpd, and were directed to China, according to shipping data and documents.>
Yahoo
11-07-2025
- Business
- Yahoo
Venezuela's PDVSA oil sales abroad hit $17.5 billion in 2024 as exports jump
(Reuters) -Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member. There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment. Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S. sanctions on Venezuela's energy industry since 2019. The licenses to U.S. oil major Chevron and other foreign firms in Venezuela have allowed a slight recovery in oil output and exports since 2023. In late May, however, Washington revoked those licenses to take Venezuelan crude bound for U.S. and European refineries. PDVSA's crude oil and fuel exports averaged 805,500 barrels per day (bpd) last year, according to preliminary data from its 2024 financial and operational results. That would be an over 15% hike from almost 700,000 bpd in 2023, according to data and documents viewed by Reuters. According to PDVSA's results, the OPEC member produced an average of 952,000 bpd in 2024, compared with 783,000 bpd in 2023 reported by OPEC. President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions. Crude production was above 1 million bpd in the first quarter of 2025, according to the results documents, and authorities have said that exports continue to perform normally. In June, crude and fuel exports were 844,000 bpd, and were directed to China, according to shipping data and documents.
Yahoo
11-07-2025
- Business
- Yahoo
Venezuela's PDVSA oil sales abroad hit $17.5 billion in 2024 as exports jump
(Reuters) -Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member. There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment. Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S. sanctions on Venezuela's energy industry since 2019. The licenses to U.S. oil major Chevron and other foreign firms in Venezuela have allowed a slight recovery in oil output and exports since 2023. In late May, however, Washington revoked those licenses to take Venezuelan crude bound for U.S. and European refineries. PDVSA's crude oil and fuel exports averaged 805,500 barrels per day (bpd) last year, according to preliminary data from its 2024 financial and operational results. That would be an over 15% hike from almost 700,000 bpd in 2023, according to data and documents viewed by Reuters. According to PDVSA's results, the OPEC member produced an average of 952,000 bpd in 2024, compared with 783,000 bpd in 2023 reported by OPEC. President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions. Crude production was above 1 million bpd in the first quarter of 2025, according to the results documents, and authorities have said that exports continue to perform normally. In June, crude and fuel exports were 844,000 bpd, and were directed to China, according to shipping data and documents. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
11-07-2025
- Business
- Reuters
Venezuela's PDVSA oil sales abroad hit $17.5 billion in 2024 as exports jump
July 11 (Reuters) - Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member. There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment. Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S. sanctions on Venezuela's energy industry since 2019. The licenses to U.S. oil major Chevron (CVX.N), opens new tab and other foreign firms in Venezuela have allowed a slight recovery in oil output and exports since 2023. In late May, however, Washington revoked those licenses to take Venezuelan crude bound for U.S. and European refineries. PDVSA's crude oil and fuel exports averaged 805,500 barrels per day (bpd) last year, according to preliminary data from its 2024 financial and operational results. That would be an over 15% hike from almost 700,000 bpd in 2023, according to data and documents viewed by Reuters. According to PDVSA's results, the OPEC member produced an average of 952,000 bpd in 2024, compared with 783,000 bpd in 2023 reported by OPEC. President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions. Crude production was above 1 million bpd in the first quarter of 2025, according to the results documents, and authorities have said that exports continue to perform normally. In June, crude and fuel exports were 844,000 bpd, and were directed to China, according to shipping data and documents.
Reuters
07-07-2025
- Business
- Reuters
US allows offloading of some liquefied petroleum gas shipments, Treasury says
WASHINGTON, July 7 (Reuters) - The Trump administration moved to allow the offloading of liquefied petroleum gas involving Petroleos de Venezuela SA ( until September 5, provided that the gas was loaded on a vessel on or before July 7, according to a notice posted to the U.S. Treasury Department website on Monday.
