Venezuelan Oil Exports Rebound After Sanctions Are Lifted

Caracas: Venezuelan oil exports increased to 988,000 barrels per day in March 2026, up from 823,000 in January, according to OPEC data released by Reuters and Bloomberg. The recovery comes after the lifting of part of the oil blockade imposed by the Trump administration in late 2025 and the progressive normalization of Venezuela's international relations under interim president Delcy Rodríguez.

The rebound represents a significant improvement over the minimum levels recorded during the US fuel blockade imposed between late 2025 and January 2026, although March 2026 exports are only slightly above the average for the second half of 2025, which hovered around 945,000 barrels per day. Venezuela holds the world's largest proven oil reserves, approximately 304 billion barrels, although its production capacity has deteriorated substantially due to lack of investment.

Chevron's Role and Negotiations with the US

Chevron, which maintains operations in Venezuela under a special US Treasury Department license, signed a new agreement with the interim government in April 2026 to expand its production in the country. The US company is one of the main partners of Petróleos de Venezuela S.A. (PDVSA), and its production represents a significant portion of Venezuelan exports. The IMF, which resumed relations with Venezuela on April 17, indicated that one of its priorities will be to help the country improve the quality of its economic and oil statistical data, which international analysts consider unreliable.

IMF Prospects and Conditions

Georgieva noted that the IMF could establish a financial support program for Venezuela, subject to an agreement on economic reforms. Venezuela's economy contracted approximately two-thirds in recent years, and more than 8 million Venezuelans have left the country. Reconnection with the IMF and World Bank opens the possibility of unlocking billions of dollars in frozen Special Drawing Rights.