In November, Venezuela significantly increased its oil exports to Cuba, raising the shipments to 38,000 barrels per day (bpd). This marks a notable rise from the 28,000 bpd sent in the previous month. According to vessel tracking data reported by Reuters, this surge highlights a renewed effort to strengthen the energy alliance between the two nations as Cuba faces a severe energy crisis.
Back in October, Venezuelan leader Nicolás Maduro appealed for international assistance for Cuba following a nationwide blackout. At that time, Venezuela's oil exports to the island had dwindled considerably. Despite an average of 56,000 barrels per day being sent in 2023, frequent blackouts persisted in Cuba, with the regime often blaming fuel shortages.
Meanwhile, Venezuela's oil exports to Asia, its primary market, grew by 17% compared to the previous month, reaching approximately 613,000 bpd. Overall, Venezuela's oil and refined product exports averaged 974,033 bpd in November, the highest level since early 2020, despite U.S. sanctions since 2019 and challenges within the country's oil infrastructure.
The rise in exports came despite significant incidents, such as an explosion at one of PDVSA's main natural gas facilities, which affected the production of derivatives like methanol, as reported by Reuters. Additionally, exports of by-products and petrochemicals fell to 330,500 metric tons from 362,000 in October.
In contrast, oil shipments to the United States under Chevron's license dropped to 238,000 bpd, while exports to Europe surged from 31,000 to 85,000 bpd during the same period. The incoming U.S. administration is expected to review its policies toward Venezuela, potentially altering existing agreements.
Venezuelan Oil Minister Delcy Rodríguez has attributed recent PDVSA facility issues to alleged "sabotage," following the arrest of 11 individuals connected to the gas complex incident. Venezuela also increased imports of products like heavy naphtha and gasoline, reaching 87,000 bpd in November, up from 81,000 bpd the prior month, as part of agreements authorized by the United States and European partners.
Understanding Venezuela's Oil Export Dynamics
Why did Venezuela increase oil exports to Cuba?
Venezuela increased oil exports to Cuba to strengthen their energy alliance amid Cuba's severe energy crisis.
What challenges is Venezuela facing in its oil industry?
Venezuela's oil industry faces challenges such as U.S. sanctions, infrastructure issues, and incidents like the PDVSA gas facility explosion.
How have oil exports to Europe changed recently?
Oil exports to Europe increased significantly from 31,000 to 85,000 barrels per day.