Venezuela's oil exports reached a four-year peak in October, nearing 950,000 barrels per day, driven by increased crude production and heightened sales to India and the United States, as indicated by shipping data and reports from the state-owned company PDVSA.

This growth occurred despite a significant fire at a major storage terminal last month, the implementation of stricter U.S. sanctions since June, and the arrest of former oil minister Pedro Tellechea along with other PDVSA executives on corruption charges.

The rise in crude output, primarily attributed to the stabilization of operations in Venezuela's largest oil-producing area, the Orinoco Belt, has facilitated the replenishment of heavy crude stocks, according to PDVSA's documentation.

Overall, PDVSA and its joint ventures exported an average of 947,387 barrels per day of crude and fuel, marking a 21% increase from the previous month and the highest monthly total since early 2020, based on tanker movement data.

Despite being under U.S. sanctions since 2019, the South American nation also exported 314,500 metric tons of oil byproducts and petrochemicals, a slight increase from the 267,000 tons recorded in September.

Chevron's crude shipments to the United States peaked at 280,000 barrels per day, the highest level since the U.S. company resumed exports of Venezuela's heavy oil grades early last year. Additionally, Spanish company Repsol exported Venezuelan oil to both the U.S. and Spain last month.

PDVSA has ramped up exports to India, which was once a primary market before sanctions, sending three cargoes totaling approximately 141,000 barrels per day last month.

Crude shipments to the U.S., Europe, and India are permitted under U.S. licenses granted to some of PDVSA's joint venture partners and clients, including Chevron, Repsol, Eni, Maurel & Prom, and Reliance Industries.

Nonetheless, China remained the largest recipient of Venezuela's oil exports in October, receiving 385,300 barrels per day, both directly and indirectly. Exports to China were higher in September, averaging around 451,500 barrels per day.

Venezuela's oil exports to its political ally Cuba, currently facing a severe energy crisis, increased modestly to 28,000 barrels per day (bpd) in October, up from 22,000 bpd in September. Additionally, Venezuela's fuel imports rose to 81,000 bpd, compared to 67,000 bpd in the prior month, as reported by the data.