Venezuela’s oil exports remained largely unchanged in May despite mounting pressure from the U.S. and the expiration of key licenses that once allowed limited sanctioned trade. Increased shipments to China helped offset a sharp drop in U.S.-authorized sales as state-run PDVSA scrambled to re-route barrels ahead of tightening sanctions.
According to internal PDVSA documents and vessel-tracking data, Venezuela shipped 779,000 bpd of crude and refined products last month—down only slightly from April’s 783,000 bpd. While exports…Venezuela Defies U.S. Sanctions as Oil Exports Hold Steady
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