RoydadNaft –  Venezuela’s crude and fuel exports rose 3% month-on-month to an average of 921,000 barrels per day in November, marking the third-highest monthly figure of 2025, according to shipping data and internal PDVSA documents seen by Reuters.

The increase came despite a major fire last month that knocked out a key upgrader in the Orinoco Belt and intensifying U.S. political and military pressure, including naval operations in the Caribbean targeting alleged drug-trafficking vessels.

State-owned PDVSA offset the loss of upgrading capacity by sharply raising imports of diluents — particularly heavy naphtha — which more than doubled to 167,000 bpd from 74,000 bpd in October. Chevron supplied U.S.-origin naphtha under its Treasury license for joint-venture operations, while additional volumes arrived from Russia and other suppliers.

The extra diluent allowed PDVSA to keep blending exportable grades of Merey heavy crude and maintain flows to international markets.

Key November figures:

•  Total crude + fuel exports: 921,000 bpd (+3% vs October, –5% vs November 2024)

•  China: ~746,000 bpd (80% of total exports)

•  United States (via Chevron): 150,000 bpd (up from 128,000 bpd in October)

•  Cuba: 24,000 bpd of crude and refined products

•  Byproducts & petrochemicals exports: 277,000 metric tons (up from 195,000 tons)

Despite the visible presence of U.S. military vessels in regional waters, tanker traffic and import/export operations continued uninterrupted, supported by existing inventories and the rapid ramp-up in diluent arrivals.

The November performance underscores Venezuela’s growing reliance on imported naphtha and foreign partners to sustain production and exports in the face of chronic infrastructure failures and tightening sanctions.