• Venezuela's oil exports slipped to 1.2 million barrels per day in June, with the U.S. taking the largest share.
  • Chevron (CVX)'s exports rose to 293,000 bpd, while trading firms saw a decline in volumes.
  • The shift reflects ongoing recalibration of logistics and buyer demand amid sanctions.

A Slight Dip in Volumes

Venezuela's crude exports edged lower to about 1.2 million barrels per day in June, according to people familiar with the matter. The figure marks a modest decline from May as the state-owned oil giant PDVSA navigates shifting demand patterns and logistical constraints.

Flows to the United States rose to 630,000 bpd, supported by Chevron's growing share. The U.S. oil major exported roughly 293,000 bpd from its joint ventures with PDVSA, up from previous months. Meanwhile, shipments to India fell to 277,000 bpd, and exports by trading firms dropped to 775,000 bpd, suggesting a repositioning in the middleman network.

Chevron Ramps Up, Traders Pull Back

Chevron's increased liftings come as the company continues to benefit from a U.S. license that allows it to operate and export Venezuelan crude. The license, which requires that proceeds stay within the country, has enabled Chevron to boost output from its Petroindependiente and Petropiar ventures. "We are seeing a steady flow of crude from those fields," a source close to the operations said.

Conversely, independent traders — which had been a major channel for Venezuelan crude since 2020 — are scaling back. The pullback may reflect tighter credit conditions or a shift in PDVSA's preference to deal directly with refiners. "There's always a cat-and-mouse game between the traders and PDVSA," an industry analyst noted.

U.S. Demand Supports the Uptick

The rise in U.S. imports underscores the persistent demand for heavy-sour crude from Gulf Coast refineries, which are configured to process Venezuela's Merey grade. The flows have been facilitated by a gradual easing of sanctions, though the Biden administration has signaled no major policy shift. "Without a deal on political conditions, the license renewal remains in question," a Washington-based consultant said.

Outlook: Stability in the Near Term

For now, exports are expected to hover around the 1.2 million bpd level, with potential upside if Chevron and other partners boost production. Infrastructure remains a bottleneck: PDVSA's upgrading facilities operate at reduced capacity, and port delays are common. "A sustained increase would require investment," a market observer said, "but the political risks keep most investors on the sidelines."

Correction: An earlier version of this article misstated the month-over-month change. June exports declined 3% from May, not increased.