Washington, PDVSA agree on oil exports amid production constraints

(MENAFN) The United States announced Wednesday an agreement with Venezuela’s state-owned oil company PDVSA for up to 50 million barrels of crude exports. However, Venezuela’s production capacity remains below 1 million barrels per day, according to OPEC figures, raising doubts about the feasibility of the deal.

President Donald Trump, following the US-led capture of Venezuelan President Nicolás Maduro, touted the agreement as a major step, claiming Venezuela would deliver 30–50 million barrels to the US. Despite holding the world’s largest oil reserves—nearly 20% of global deposits—years of sanctions and underinvestment have severely weakened Venezuela’s energy sector.

OPEC data shows Venezuelan output stagnating at around 934,000 barrels per day as of November, meaning it would take 30–50 days to produce the volumes Trump cited. By comparison, US daily oil consumption exceeds 20 million barrels, underscoring the mismatch between Venezuela’s limited capacity and America’s demand.

The Trump administration has begun easing certain sanctions to allow Venezuelan crude to be marketed internationally. The US Energy Department said Washington will also permit imports of select oil field equipment and services through joint ventures with international partners, in hopes of reviving Venezuela’s production.

The White House confirmed Trump will meet Friday with oil industry executives to discuss potential US involvement in Venezuela’s energy sector.

MENAFN08012026000045017640ID1110571224