Despite the 52,000 barrels per day received from Pdvsa, the Island still suffers a fuel deficit
14ymedio, Madrid, October 2, 2025 — Venezuela exported 52,000 barrels per day (bpd) to Cuba this September, the largest known quantity so far this year and coinciding with the record of exports of the Venezuelan state oil since February 2020, which exceeded one million bpd by far. This is, to date, the only month in which the Island has received an amount close to what was agreed between the two countries in 2000. In March it was almost 50,000 bpd, but low amounts have dominated the first nine months of the year, meaning that Caracas will again have broken the pact between Hugo Chavez and Fidel Castro.
This, at least, comes from the data available and provided monthly by the Reuters agency, although it doesn’t rule out the possibility that Havana is receiving fuel from Pdvsa outside of official channels, according to an alleged secret plan mentioned by President Miguel Díaz-Canel and Energy Minister Vicente de la O Levy. In addition, last week the Akademik Gubkin arrived in Cuba with 740,000 barrels of Russian oil.
Despite the escalation of hostilities between the regime of Nicolás Maduro and the Administration of Donald Trump, the results for the oil industry are going full steam ahead for Venezuela
Cuba has suffered this September from huge shortages of electricity, although in the last days of the month a slight relief has been noted, according to reports from different provinces. De la O Levy said weeks ago that the biggest problem this time has been the shortage of lubricants rather than that of fuel.
Despite the escalation of hostilities between the regime of Nicolas Maduro and the Administration of Donald Trump, the results of the oil industry are in full swing for Venezuela. Sales to the US have also reached considerable volumes: in September it received 108,000 bpd from Pdvsa, well above the 60,000 bpd that it imported the previous month but still far from the 294,000 that it bought in January 2025, a record to date.
That month, shortly after the inauguration of the US president, the White House announced the end of the license that the administration of Joe Biden had granted to the company Chevron to operate in Venezuela. The first date set for the extinction of the document was April 3, but it was later agreed to extend it until May 27.
A few days before the deadline, the American press announced that the Government had negotiated a new “minimum activity license” under which “essential maintenance operations” could be carried out, but no new investments and no oil exports.
At the end of July, the new concession came to fruition. Nothing has been known about the details, other than the alleged intention that a significant part of the money from the sale of oil cannot be transferred in any way to the Government of Nicolás Maduro or deposited in frozen accounts outside of Venezuela. Last week, several specialized media published that one of the conditions imposed by the US consists of a cap on the volume of sales, which cannot exceed 50% of what Chevron extracts from its wells.
Last week, several specialized media published that one of the conditions imposed by the US consists of a cap on the volume of sales, which cannot exceed 50% of what Chevron extracts from its wells
In total, exports from Venezuela reached 1,093,667 bpd, even more than in May, when it reached 1.06 million. The quantity sold this September is 13% more than in August and 39% more when compared to September 2024, which shows that the sanctions have not affected the situation of Pdvsa.
The main buyer, once again, has been China, which took 84% of Venezuelan oil exports, either directly or indirectly, because, recalls Reuters, these exchanges are carried out through “little-known intermediaries” trading in crude oil to circumvent sanctions.
During that second quarter, Pdvsa accumulated a good amount of oil in the Orinoco Belt, the country’s main producing region, which it is now exporting, says Reuters. Meanwhile, it has been importing from Russia and China naphtha and light crude oil, which are essential to dilute the extra heavy oil that Venezuela produces. The latter is reflected in total imports of diluents, which rose from 99,000 bpd in August to 41,000 bpd in September.
Translated by Regina Anavy
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