CARACAS – Venezuela has exported approximately 7.8 million barrels of crude oil to the United States under a recent supply agreement, but persistent high inventory levels continue to challenge the state-owned oil company PDVSA and regional oil dynamics.
Under a $2 billion supply deal negotiated between Caracas and Washington earlier this month, Venezuela agreed to sell up to 50 million barrels of crude oil stored in tanks and on vessels. Trading firms such as Vitol and Trafigura received the first U.S. licences to load and transport Venezuelan oil, allowing shipments to begin in earnest.
Despite reaching nearly 7.8 million barrels transported to the United States as of January 21, the pace of exports remains comparatively slow and has not significantly reduced Venezuela’s swollen inventories. Stocks built up during a nearly month-long blockade of oil exports imposed by the United States late last year, which left tens of millions of barrels both onshore and on tankers in Venezuelan waters.
PDVSA cut production at the start of January after storage capacity was exhausted, and it is only gradually increasing output as the commercial flow of oil improves. However, logistical challenges — including limited storage capacity and reluctant buyers due to pricing and quality considerations — have slowed the sales process, according to industry sources familiar with the transactions.
Shipment tracking data shows that at least seven tankers have departed Venezuela since January 12, carrying crude to storage terminals in the Caribbean — including Curaçao — as part of the reopened export channels. Alongside these shipments, Chevron’s joint operations with PDVSA have also boosted their own export volumes.
U.S. officials have indicated that roughly $500 million in proceeds from initial oil sales will be placed into a U.S.-controlled fund, while the Venezuelan government has said it expects about $300 million of those funds to support imports and government expenditures. Specific details on the allocation and future volumes have not been publicly detailed.
For Curaçao, where Venezuelan crude is being stored and positioned for resale or refining, the ongoing export flow presents both economic activity and logistical complexity. As regional oil dynamics continue to evolve, the island’s role as a Caribbean oil hub remains in focus amid broader shifts in energy markets and geopolitical relations.
