Crude oil prices are holding steady near the $60 per barrel mark as global markets watch the fallout from U.S. raids on Venezuela. The South American nation, home to some of the world’s largest oil reserves, has seen limited disruption to its oil production and refining despite the attacks.
According to Reuters, Venezuelan state-run PDVSA’s key facilities were operating normally on Saturday, and oil exports have continued without major setbacks. The only significant damage reported was at the La Guaira port near Caracas, which is not used for oil operations.
The raids come after the U.S. imposed a blockade on Venezuelan oil tankers in December 2025, seizing two cargoes and prompting vessel owners to avoid Venezuelan waters. This has led PDVSA to store crude and fuel on tankers, slowing down deliveries to prevent production cuts.
Venezuela’s Oil Production Over the Years:
- 2020: Historic low of 192 million barrels
- 2021: Recovered to 5.5–6.3 lakh barrels/day
- 2022: 217 million barrels
- 2023: 264 million barrels
- 2024: 315 million barrels (~8.5 lakh barrels/day) aided by Chevron expansion and resumed India trade
- 2025: Recent peak at 1.14 million barrels/day
India-Venezuela Oil Trade:
India, largely dependent on Venezuelan crude imports, saw imports hit negligible levels in 2021-22 ($89 million) and 2022-23 ($250 million) due to U.S. sanctions. The trade rebounded sharply in 2023-24, reaching nearly $1 billion, with India briefly becoming Venezuela’s top oil buyer in December 2023.
In 2024, India imported an average of 63,000–100,000 barrels/day, a 500% jump from the previous year. By 2025, India remained the third-largest buyer after China and the U.S., although imports declined later in the year amid renewed geopolitical tensions.
Market Outlook:
Despite the high-profile U.S. raids, analysts note that global crude prices remain subdued. Venezuela’s limited export volumes due to ongoing sanctions and the normal operation of its main refineries have prevented a sharp price spike. Investors will closely watch the situation for any changes that could affect production and supply in the months ahead.
Disclaimer: This article is for informational purposes only and does not constitute investment or trading advice. Readers should consult a financial advisor before making any decisions.
