Venezuela's oil exports fell in February with loss of China, larger cargoes ahead

Venezuela's oil exports fell 6.5% in February from a month earlier ⁠to some 737,000 barrels per day as more shipments to the United States and Europe could not fully offset the ⁠loss of what had been the OPEC country's main market, China, according to vessel ‌monitoring data and documents from state company PDVSA.

Washington ​has controlled the South American nation's oil exports since early January, when U.S. forces captured Venezuelan President Nicolas Maduro. Trading houses Trafigura and Vitol and U.S. producer Chevron are now exporting the lion's share of Venezuela's barrels under U.S. authorizations.

Even as Chevron and the traders sent more cargoes to the U.S., Europe and the Caribbean last month, the increase was not enough ​to compensate for a 67% decline ⁠in exports to Asia, which averaged some 48,000 bpd, compared with 145,000 bpd in January and more than 600,000 bpd last year.

A lack of very large crude carriers to transport bigger cargoes also limited exports from Venezuela, whose main oil port, Jose, handles about 70% of total shipments, creating a need for larger vessels ⁠to cut down ‌loading times.

Overall, oil exports in February were 6.5% lower than in January and stood 19% below the same month of 2025. The trading houses exported a total of 26.9 ‌million barrels since they began marketing and shipping the country's crude and fuel last month, according to the data, of some 40 million barrels ⁠sold so far under U.S. oversight.

Venezuela's direct exports to the U.S. rose 32% to about 375,000 bpd, while shipments to Europe increased ninefold to 158,000 bpd, with Spain's ‌Repsol leading purchases in that region.

Chevron's exports to its own refineries and to others in ‌the U.S. and elsewhere fell 5% to 209,000 bpd in February. The U.S. major, which is ‌the main partner of state company PDVSA, last month sold its first cargo of Venezuelan heavy crude ‌to India's refiner Reliance Industries since 2023, which could soon lead to larger exports.

With at least half a dozen supertankers navigating to Venezuela to pick up cargoes, exports are expected to accelerate in March, particularly to India, the data showed.

Venezuela's oil exports averaged 847,000 ⁠bpd last year, ⁠with China taking three quarters of the total. U.S. President Donald Trump has said the Asian country can buy Venezuelan oil but at fair market prices.

The U.S.-Iran conflict and fresh licenses granted by the U.S. Treasury Department in recent weeks also are expected to expand the pool of companies exporting and refining Venezuelan oil, which could lead to cargoes reaching new destinations.

Faster exports could help drain inventories, which remained high at the end of February at 12.7 million barrels in Jose, the second highest monthly level since 2025, and 26 million barrels in the ​country, according to data from consultancy Kpler.

Venezuela's imports of naphtha both for diluting its extra heavy oil ​and for producing gasoline rose to 105,000 ​bpd, from 32,000 bpd the previous month, the shipping data showed.

The country's crude production increased to some 1.05 million bpd in early March, from 878,000 ​bpd in early January amid oil output cuts, according to independent figures.