How Venezuela’s Oil Industry Performed in 2024–25

Venezuela's energy sector continued to struggle with persistent problems in 2024, despite once being a dominant player on the global oil stage. Based on the country’s export data and oil export statistics, Venezuela earned $4.04 billion in oil export revenues during 2023. Venezuela exported around 550 thousand barrels of crude oil daily. The average price per barrel was $64.37.

Out of this daily total, about 248,000 barrels of oil, which is 45% of the total shipments, were exported to Asian markets apart from China. Other Latin American countries received a meager 28,000 barrels per day. As for the United States, they used to be one of the largest importers of Venezuelan Oil, however, their imports have significantly fallen due to the U.S. sanctions enacted in 2018 which essentially halted oil trade between the two countries.

The cutback in oil exports traces back to a trend which began in 2015. Venezuela’s oil production and market share have shrunk substantially because of a combination of domestic mismanagement as well as foreign sanctions resulting from the country’s enduring political turmoil.

The economic impacts have been staggering. In 2013, Venezuela enjoyed 96% of the export value being oil and refined petroleum products. However by 2022, the oil dependency economy figure dropped well below 12% showcasing the extreme alteration in the economic structure of the country.

Crude oil under HS Code 2709 has been the cornerstone of Venezuelan economy has suffered from declining both production and export level in the last decade which is in turn changed the country position in the oil and gas industry.

This is the second part of my analysis of Venezuelan oil industry for 2024, and I will focus on analyzing some vital export metrics, trade patterns and the geopolitical and economic factors likely to impact the industry as a whole.

Venezuela’s Oil Sector: Crucial Facts on Exports and Production

• Venezuela exported crude oil to more than 206 countries around the world.
• As of 2023, the total value of oil exports from Venezuela stood at 4.04 billion dollars.
• The country’s oil production averaged 550.2 thousand barrels per day, translating to nearly 200.57 million barrels or 27.36 million tons over the year.
• As per the most recent report, Venezuela exported 370 oil cargos from March 2023 to February 2024 (TTM).
• During this time, 44 Venezuelan exporters supplied oil to 113 foreign buyers which was 26% more than the previous year.
• Venezuela in February 2024 exported 26 shipments of crude oil which was a 73% increase year-over-year from February 2023 and an 18% increase from January 2024.
• The significant trade partners for Venezuelan crude are China, Turkey, Spain, Colombia, Brazil, and India which makes them the most important partners.

Yearly Overview of Venezuela’s Oil Exports and Production

Over the past ten years, Venezuela has oil production and export activities undergone significant changes. Venezuela achieved peak oil export value in 2013 with 74.85 billion dollars, resulting in an impressive production rate of 76.21 million tons which he maintained for several years. Though exports were on the decline starting in 2014, there was a temporary surge in production to 97.87 million tons which translated to exports worth 53.86 billion dollars in that year. Nonetheless, this was short-lived, and exports continued to plummet in 2015, dropping to 28.11 billion dollars with production stabilizing at 98.32 million tons.

Continued declines in the subsequent years led to a drop in export revenue further still—Venezuela’s trade deficit growing to 21.07 billion dollars in 2016, while production also fell to 91.43 million tons. There was a partial recovery in Venezuela’s export value the next year, rising to 25.53 billion dollars, but output contracted to 79.11 million tons. This pattern of lower production continued unabated, with exports valued at 27.91 billion dollars and production further reduced to 63.37 million tons in 2018. There were more severe declines in the 2019 to 2021 timeframe; in 2019 oil exports dropped to 14.85 billion dollars, and production fell to 42.23 million tons. Once again, they shrank in the year 2020, this time plummeting to just 3.41 billion dollars alongside 24.23 million tons of oil.

The situation worsened in 2021 when Venezuela’s oil export value dropped to $535.69 million and production to 22.25 million tons. In 2022, exports increased modestly to $573.23 million but production fell further to 21.85 million tons. 2023, however, appears to show some recovery as export value is reaching $4.04 billion and production increased to 27.36 million tons, suggesting that Venezuela's oil industry may be recovering from years of contraction.

Venezuela’s Oil Export Destinations: Key Global Trade Partners

Venezuela’s oil exports continued to showcase Venezuelan crude oil in 2023 with a specific refinement to a variety of countries and regions. There were some notable mergers as follows:

• China saw an impressive 16.3 % share of Venezuelan oil export making them the top tire trade partner of Venezuela.
• Turkey was not far behind as they received 13.9% of Venezuela's oil shipments making them the second in line.
• Spain ranked third as the imported 12% of Venezuela's oil exports over the year.
• Brazil was in the fourth position with 8.3% of total exports.
• Cuba has longstanding energy ties to Venezuela and accounts for 8% of Venezuela’s oil exports.
• Other regions with China, Asia (non-China) became the ach largest regional with a 248,000 barrel per day average
• South America excluding Brazil and Colombia were exports were about 28,000 barrels daily.
• Europe as a continent took 4% of Venezuela's total oil exports.
• Panama and Columbia also featured among the signification oil export destinations.

This proves that Venezuela has shift in their geopolitical alignments in the global energy landscape and with focus on region strategic trade relations.

Venezuela’s Oil Industry: From Boom to Struggle

With Venezuela’s proven oil reserves estimated at around 300 billion barrels, the nation boasts the highest reserves worldwide. For years, the economy has depended heavily on the oil sector, with oil exports historically constituting around 95% of the total export revenue. Such dependence on oil has turned the industry into the backbone of Venezuela’s economy and an important factor in the nation’s foreign trade relations.

From Boom to Bust: The Fall of Venezuela’s Oil Production

Over the past decade, Venezuela’s oil output has nose-dived, hitting a level not seen in many years. Back in the late 1990s, production soared to about 3.5 million barrels each day, yet today’s total barely creeps above 1 million. The steep tumble comes from a mix of troubleshooting: shaky management, lack of money for key pipelines and rigs, plus the never-ending swirl of political chaos.

How This Affected Venezuela’s Economy

A steep drop in oil output has hit Venezuela’s economy like a hammer. People now face runaway prices, deep poverty, and empty store shelves almost every day. To stop the slide, officials have cut public spending and begged foreign lenders for cash.

Key Issues Affecting Venezuela's Oil Exports

Along with pumping far less oil than before, Venezuela now faces serious roadblocks when it tries to ship what little it produces. The U.S.-formerly its biggest customer-slapped sanctions on PDVSA, the state-run oil firm, hoping that pain would nudge the government toward political change. Because of those rules, selling oil abroad has become a tough puzzle, and the missing revenue makes the country already shaky economy shake even harder.

Strategies to Restore the Oil Industry

Even with so many problems, the Venezuelan government is still trying to breathe new life into the nation’s oil business. Lately, officials have teamed up with Russia and China, hoping those partners will bring money and know-how. They have also promised to raise daily output to 1.5 million barrels before the year ends.

Prospects for Venezuela’s Petroleum Sector

Nobody really knows what tomorrow holds for Venezuela’s oil industry. The nation is still tangled in shaky politics, money troubles, and tough foreign sanctions that choke its ability to ship crude abroad. Yet, if smart cash, honest rule-changing, and a bit of luck show up, Venezuela could bounce back and once again sit at the big table of world oil producers.

In June, Venezuela achieved its highest crude oil production level of 2024.

According to a monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday, Venezuela recorded its highest crude oil production for 2024 in June. The country produced 922,000 barrels per day (bpd), an increase of 12,000 barrels compared to May, based on direct OPEC sources. Meanwhile, secondary sources cited in the report estimate Venezuela’s June output at 851,000 bpd—21,000 barrels more than the previous month—marking another production record for the year.

Oil exports have traditionally been Venezuela’s primary source of foreign income. However, over the past five years, the nation’s crude oil supply has significantly declined. The Venezuelan government attributes this downturn to U.S. sanctions imposed on the state-owned oil company, Petróleos de Venezuela S.A. (PDVSA).

Venezuela’s 2024 Oil Output and Export Summary

In 2024, Venezuela’s oil industry showed a slight bounce-back after years of trouble. Average daily output climbed 8.4%, moving from about 850,000 barrels in 2023 to roughly 921,000. Shipments overseas also jumped 10.5%, with daily deliveries near 772,000 barrels instead of the 700,000 sent the year before. Exports to the United States, almost gone a year earlier because of sanctions, soared after officials eased some rules. China stayed the biggest buyer, steadily lifting its purchase volumes every month. Shipments to India, by contrast, face uncertainty; U.S. tariffs could be mattering, yet reliable numbers from 2023 are still missing.

Tracking Venezuela’s Oil Production in 2024

Crude oil production in Venezuela averaged approximately 921,000 barrels per day in 2024, marking an 8.4% increase compared to the previous year. The highest production level was recorded in October, when output peaked at 910,000 barrels per day.

Oil Export Patterns and Global Market Reach

In 2024, Venezuela shipped about 772,000 barrels of oil each day, an increase of roughly 10.5% over the previous year. Much of that upward swing came from a short-lived relaxation of U.S. sanctions granted late in 2023, allowing Chevron and a few other firms to dust off old rigs and send more crude to American ports. China was still Venezuela's biggest customer, gobbling up every drop and keeping the tankers on course. Exports to India, however, wobbled when Washington slapped a hefty 25% tariff on any nation buying Venezuelan oil, leaving traders to guess how the new duty might twist the deal.

Price Movements and Global Market Trends

In 2024, world oil prices kept flirting with the highest levels seen in a month, posting a third week of gains as worry spread about shrinking supplies. Still, Venezuela’s extra-heavy crude sold for much less than the lighter grades because refiners dread its sticky texture and big processing bill. On top of that, the tumbling bolivar shrank the true value of every barrel paid for in dollars, leaving the South American nation with even slimmer export earnings.

Oil Transportation and Supply Chain Logistics

Recent port work in Venezuela slowed down when the U.S. slapped new tariffs on nations buying its heavy crude, causing queues and cutting loading speed. Even so, Chevron and a few other firms kept the tankers moving, mainly toward American refineries, and thus kept exports flowing while trade rules kept changing.

How U.S. Sanctions and Tariffs Affect Venezuelan Oil

In March 2025, the United States rolled out a stiff 25 percent tax on any goods brought in from countries that still buy oil from Venezuela. The plan is to shake up the world oil trade and squeeze Venezuela’s shaky economy even harder. Officials believe the extra cost will scare buyers away, shrink Venezuela’s customer list, and, in turn, push pump prices higher everywhere. Although how the tax will be enforced isn’t fully spelled out, the clear target is other nations, especially China, that keep the Venezuelan fields flowing.

Closing Analysis

To sum up, Venezuela has seen its oil output and shipments tumble lately, and that slide has hit the county’s money flow and future hopes hard. Yet, if leaders put in smart fixes, chase fresh world deals, and back projects with cash, the nation could once again polish its oil brand and sit at the global table.

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