Venezuela oil exports rise sharply in January under US control, data shows

Core Insights - Venezuelan oil exports increased significantly to approximately 800,000 barrels per day (bpd) in January from 498,000 bpd in December, following the U.S. capture of Nicolas Maduro and the end of an oil blockade [1][2] Group 1: Export Dynamics - The U.S. oil embargo imposed in December led to the accumulation of over 40 million barrels of crude and fuel in storage, which forced PDVSA to cut output in early January [2] - The January export volume was close to the average of 847,000 bpd for the previous year, but PDVSA's partners need to accelerate exports to reduce inventory levels and reverse output cuts fully [3] - The U.S. regained its position as the main destination for Venezuelan crude, with exports of about 284,000 bpd, primarily driven by Chevron, which increased its shipments from 99,000 bpd in December to 220,000 bpd in January [5] Group 2: Licensing and Operations - The U.S. Treasury Department issued a broad license allowing U.S. companies to engage in various activities related to Venezuelan oil, facilitating exports and operations for PDVSA [4] - Vitol and Trafigura exported 12 million barrels of Venezuelan crude and fuel oil under U.S. licenses, averaging about 392,000 bpd in January, primarily to Caribbean storage terminals [6] - Between 18 million and 38 million barrels are yet to be exported under a $2 billion supply deal between Caracas and Washington, with proceeds directed to a U.S.-supervised fund [7]