The question of who buys Venezuela's oil is being rewritten. State producer PDVSA is steadily returning to the model it used before US sanctions landed in 2019
Venezuela · Energy
Key Facts
—Exports. Venezuela is shipping more than 1.2 million barrels per day of crude and fuel, against an average of 847,000 bpd in 2025.
—Model shift. PDVSA is moving business from trading houses back to direct contracts with refiners and joint-venture partners.
—The traders. Vitol and Trafigura took more than 100 million barrels in six months under January agreements overseen by Washington.
By selling directly to refiners and joint-venture partners, Venezuela captures higher realized prices while reshaping crude…
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Venezuela oil exports to the US averaged about 786,000 bpd in July 2026, the highest since 2019, as officials projected recovery.
