Venezuelan oil exports fell by 9% in September as shipping bottlenecks and rising transport costs disrupted shipping logistics, according to industry reports. Daily shipments dropped to 1.08 million barrels. The increase in U.S. demand to 629,000 barrels per day contrasted with a sharp decline in European imports to 86,000 barrels per day and Indian imports falling to 253,000 barrels per day. The European collapse represented a reduction from 260,000 barrels per day in August.
Traders such as Trafigura and Vitol sought better pricing from PDVSA to offset narrowing profit margins caused by raised freight costs and summer-season delivery delays. Meanwhile, logistics data showed traders handled 637,000 barrels per day, while Chevron’s shipments remained stable at approximately 283,000 barrels per day.
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According to OPEP data, Venezuelan production in August reached roughly 1.2 million barrels per day, with only a slight decline in crude reserves at the José terminal during September. The period coincided with a major industry gathering in Caracas, where over 250 companies explored future energy opportunities. Chevron announced plans to invest more than $7 billion (equivalent to 6.2 billion euros) over five years to increase production to nearly 600,000 barrels per day, joining Continental Resources, GeoPark, and Eni in expansion efforts.
Rystad Energy projects Venezuelan production could rise to 1.6 million barrels per day by 2028 and 1.8 million by 2030. However, achieving these targets requires significant infrastructure investment. As of August, only two offshore drilling platforms were operational, while the firm estimates 50 platforms will be needed by 2028, scaling to nearly 80 by 2030. Current constraints include port congestion and trader demands for deeper discounts to offset high transport costs.