Venezuela oil rebound: 150 million barrels sold since Maduro’s capture
Venezuela has sold roughly 150 million barrels of crude oil since early January following the easing of U.S. sanctions and Nicolás Maduro’s capture, as Washington pushes American companies to expand operations and boost output in the South American country.
Speaking at the Semafor World Economy forum in Washington on Monday, U.S. Energy Secretary Chris Wright said the sales reflect a rapid reopening of Venezuela’s oil sector after years of restrictions and declining production.
“Rounded up, probably 150 million barrels of Venezuelan oil have been sold, maybe a little more, but something like that, since January 3rd,” Wright said, adding that the country’s crude production has risen to more than 1.2 million barrels per day from just under one million before Maduro’s capture.
At an average price of $60.48 per barrel for Venezuelan crude during the first quarter, the sale of roughly 150 million barrels since early January would represent about $9.07 billion in gross revenue.
Before Maduro’s capture, the country’s crude exports had largely been choked off by U.S. sanctions, with only limited volumes leaving the country through opaque arrangements that often relied on intermediaries and ship-to-ship transfers designed to evade restrictions. Much of the oil that reached foreign markets was effectively smuggled out, traders and analysts said.
In the months leading up to the pre-dawn raid in which the former strongman was captured, exports fell even further and at times came to a near standstill as the Trump administration assembled a large military presence in the Caribbean, tightening maritime monitoring and deterring tankers from lifting Venezuelan crude.
The oil sale figure underscores the scale of cash flow generated by the reopening of Venezuela’s oil sector, providing a significant boost to the finances of the state-owned oil company, PDVSA, and offering the interim government additional resources for imports, debt obligations and efforts to stabilize the country’s economy.
Maduro was taken into custody in early January by U.S. Army forces acting on an arrest warrant issued by the U.S. Department of Justice, which accuses the former president of narcoterrorism, conspiracy to import cocaine and weapons-related charges. The operation triggered a political shift in Caracas, with then–Vice President Delcy Rodríguez assuming power and moving to rebuild energy ties with Washington.
Shortly after taking office, Rodríguez announced a long-term “productive association” with the United States, and Washington lifted sanctions on Caracas, authorizing the sale and transport of Venezuelan crude globally and allowing North American companies to operate in the country’s oil market. The change enabled PDVSA to sign new supply contracts and increase shipments to international buyers, including cargoes destined for North America.
President Donald Trump praised the early results, saying that “millions, literally millions of barrels of oil” were being extracted under the new arrangement. Wright said the administration is encouraging U.S. companies to deepen their presence in Venezuela, noting that five American oil firms are currently operating in the country across offshore, conventional and unconventional fields.
Separate data from the International Energy Agency suggests the recovery is continuing, though at a more moderate pace. Venezuela’s crude production rose by 14% in March to 980,000 barrels per day, according to the agency’s monthly oil market report, an increase of 120,000 barrels per day compared with February. Exports also increased by 80,000 barrels per day to 860,000 barrels per day, with nearly one-third of shipments going to India.
The agency noted that Venezuelan output had dipped sharply in January during the U.S. military operation that led to Maduro’s capture but has since rebounded to around one million barrels per day — a level the agency described as the country’s sustainable extraction capacity in the near term.
The rebound comes as U.S. officials step up engagement with Caracas to expand production. Kyle Haustveit, the U.S. deputy assistant secretary for hydrocarbons and geothermal energy, traveled to Venezuela this week to advance the bilateral energy agenda and attend the signing of an agreement expanding Chevron’s operations in the country.
The U.S. Embassy in Caracas said on Monday the visit forms part of Trump’s three-phase strategy for Venezuela — stabilization, recovery and transition — aimed at supporting economic reconstruction and encouraging private investment. “We continue to advance President Donald Trump’s three-phase plan and work toward Venezuela’s economic transformation,” the embassy said in a statement announcing the trip.
At a ceremony at the Miraflores presidential palace, Rodríguez welcomed the U.S. delegation and called for “a Venezuela free of sanctions” to provide legal certainty for investors. The agreement increases Chevron’s stake in the Petroindependencia joint venture to 49% and incorporates the Ayacucho 8 block, an oil-rich region in the Orinoco Oil Belt of Venezuela, into Petropiar, a partnership between Chevron and PDVSA, company representatives said.
The deal follows a series of high-level contacts between Washington and Caracas aimed at rebuilding the country’s energy industry. Wright traveled to Caracas in February to establish a long-term energy partnership, and Interior Secretary Doug Burgum visited in March for the signing of additional agreements between Venezuela and British energy company Shell.
Analysts say the reopening of Venezuela’s oil sector could help ease supply pressures in global energy markets, though officials caution that broader geopolitical risks remain because of the U.S.-Israel war with Iran. Wright warned that expectations for a drop in oil prices this summer may be overly optimistic, citing disruptions to maritime traffic through the strategic Strait of Hormuz.
“Once the conflict is over and when the energy starts flowing again, pressure will begin to drop, although it will take some time,” Wright said. “The longer the conflict goes on, the longer the recovery will take.”
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