Venezuela’s state-run PDVSA hydrocarbon sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters, during a year when U.S. licenses allowing foreign partners to operate were fully in effect.

In late May 2025, Washington revoked the licenses for state-owned PDVSA’s partners, including Chevron, which had permitted the export of Venezuelan crude.

The state-run company exported an average of 805,500 barrels per day (bpd), according to preliminary data from its 2024 financial and operational results, from an average of 700,000 barrels reported in 2023.

According to the company’s report, the Latin American nation registered an average of 952,000 bpd in 2024, compared to 783,000 bpd in 2023 that direct sources from the OPEC report documented.

PDVSA did not immediately respond to a request for comment and has not published its results since 2016.

Maduro and his allies have always rejected sanctions, referring to them as “economic war” and hailing what they say is the success of the economy in spite of the measures.

The Venezuelan leader and his team 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.

With the cancellation of oil licenses, authorities have reiterated that crude production remains above 1 million bpd and that exports continue to perform normally. In June, crude and oil exports were 844,000 bpd, and were directed to China.
Source: Reuters