Venezuela Returns to the Oil Map: 50 Million Barrels Headed to America
U.S. President Donald Trump announced yesterday, Thursday, that 50million barrels of Venezuelan oil have begun their maritime journey to Houston, Texas, in a move he described as part of his country's efforts to support oil production in Venezuela.
Trump said: "You have heard about Venezuela, we are helping them a lot in the oil sector ... We have taken 50million barrels of oil, and they are now sailing on very large ships heading to Houston," according to Reuters.
U.S. Energy Information Administration forecasts indicate that expanded U.S. licenses for oil transactions will restore Venezuelan oil production to its previous level before the U.S. maritime blockade by mid-2026.
The Venezuelan state oil company PDVSA had made significant production cuts after Washington imposed a strict maritime blockade last December aimed at pressuring Venezuelan President Nicolás Maduro, who was captured by U.S. forces in early January.
The blockade resulted in halting oil exports and stockpiling millions of barrels in tanks and ships, while Venezuela's production ranged between 1.1and 1.2million barrels per day before the crisis.
With the recent U.S. allowance for commodity trading companies Vitol and Trafigura to join Chevron in exporting oil, PDVSA has started to raise production to near one million barrels per day, helping to reduce stockpile accumulation.
Washington also lifted some sanctions on the Venezuelan oil sector late last month to facilitate U.S. companies' sales of oil from there.
This move represents a turning point in the Venezuelan oil market and opens the door for the South American country to regain its previous standing in production and export, amid anticipation from investors and global companies, including Chinese and European firms, to re-enter the Venezuelan market.
