Venezuela’s Oil Exports Rise in November Despite U.S. Pressure

SEATTLE (Oil Monster): Venezuela’s oil exports in November rose slightly to about 921,000 barrels per day (bpd), marking the third-highest monthly level of 2024. Shipping data and internal documents show the increase was driven by PDVSA’s higher use of diluents to keep extra-heavy crude flowing, even as operational and political pressures mounted.

The uptick comes amid growing U.S. pressure, including recent strikes on alleged drug-smuggling boats in the Caribbean and warnings that military operations could expand to land targets in Venezuela. Adding to the strain, a major fire at an oil upgrader last month forced a shutdown, curbing PDVSA’s ability to produce upgraded crude.

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To stabilize output, PDVSA sharply boosted naphtha imports, using the light oil to dilute heavy crude and support gasoline production. This helped prevent a decline in November shipments. Overall exports were 3% higher than October, though 5% below last year.

China remained the top destination, receiving around 746,000 bpd, or 80% of total shipments. Exports to the U.S., conducted through Chevron, increased to 150,000 bpd, while Cuba received 24,000 bpd. Petrochemical exports also rose, and imports of light crude more than doubled, supported by supplies from Chevron and Russian partners.

Despite increased U.S. naval presence, Venezuela’s oil flows continued without major disruption.