Venezuela doubled its oil exports in February while earning ten dollars more per barrel than it received from China. Venezuelans still collect rainwater and cook on wood stoves.
Daily exports jumped to 788,000 barrels in February. That compares to 383,000 in January, according to maritime intelligence firm Kpler Ltd.
Sales reached approximately two billion dollars by month’s end. Venezuelan oil sold at roughly fifty dollars per barrel.
Under Maduro’s government, Venezuela sold Merey heavy crude to China at steep discounts. The discounts ranged from fourteen to twenty-one dollars below the Brent benchmark. With Brent trading around sixty to seventy dollars, Venezuelan barrels netted forty to forty-seven dollars each.
The new arrangement delivers three to ten dollars more per barrel. Vitol and Trafigura handle marketing under Treasury Department oversight. All payments flow into US Treasury accounts established by Executive Order 14373, signed January 9.
The executive order shields funds from creditor claims. Venezuela owes an estimated 170 billion dollars to bondholders and oil companies.
The Treasury Department issued four general licenses between January 29 and February 10. General License 46 permits established US entities to lift, export, and sell Venezuelan oil. General License 47 authorizes diluent sales to Venezuela. General License 48 allows supply of equipment and services for oil operations.
All contracts must specify US law governs disputes. The Rodriguez government submits monthly budgets to Washington for approval.
Production recovered after Venezuela received five diluent cargoes in February. January saw only two. Diluents are essential for transporting the country’s viscous heavy crude through pipelines.
US Gulf Coast refineries receive the largest volumes. China imported 1.9 million barrels in February. Spain, India, St. Lucia, and the US Virgin Islands split remaining shipments.
The initial 500-million-dollar oil sale split two ways. Three hundred million transferred to Venezuelan banks. Two hundred million remains in the Treasury account.
Qatari banks received instructions to prioritize food, medicine, and small businesses when auctioning funds to Venezuelan banks. No public accounting exists for how the 300 million was spent. Secretary of State Marco Rubio told Congress an audit process remains under development.
Acting President Delcy Rodriguez claims nearly 78 percent of Venezuela’s 2026 budget would fund social programs. The requested budget totals 19.9 billion dollars.
According to UN assessments, 7.9 million Venezuelans need humanitarian assistance. That represents one quarter of the population. Healthcare, water, sanitation, and electricity systems remain collapsed.
Fifty-six percent live in extreme poverty. Households collect rainwater for daily use. Wood-burning stoves provide cooking fuel.
Energy Secretary Chris Wright visited Venezuela February 11-12. He met with Rodriguez at Miraflores Palace and toured Chevron operations in the Orinoco Belt. Wright told reporters oil sales had surpassed one billion dollars.
February’s doubled exports and improved pricing demonstrate the infrastructure functions under US supervision. Treasury-controlled accounts now hold billions in oil revenue with stated priorities for food and medicine. Seven point nine million Venezuelans still need water.
Support Independent Local Journalism — High Country Advocate was created as a real alternative to regional media that too often silences dissenting voices while taking sides in the political struggle. Producing in-depth, unflinching reporting like this series and others is expensive: servers, editing, research time, and legal review all add up quickly. If these articles have informed you or given you new perspective, please consider supporting HCA with a paid subscription — every subscriber helps keep this reporting strong and independent. 