The Venezuelan National Oil Company (PDVSA) and the American company Chevron have begun drilling a new well within the framework of the “Petro Independencia” project, a joint project to increase oil production in the country, and this comes before the end of the easing of US sanctions imposed on Venezuela in mid-April.

Chevron owns 34% of the project, while PDVSA owns 60%. The project aims to increase production by 65 thousand barrels per day by the end of the year.

Concern over the re-imposition of US sanctions led to an increase in Venezuelan oil exports by 32% in March, reaching their highest level in 4 years. Venezuela exported 52 ships carrying an average of 884,935 barrels per day of crude oil and its derivatives, and 463 thousand metric tons of by-products and petrochemicals.

Exports rose supported by high demand, stable prices and availability of inventory. The number of shipments to Asia – the main destination for Venezuelan oil – rose to 550,000 barrels per day, up from 380,000 barrels per day in February.

PDVSA exported a cargo of kurokoro crude to Italy's Eni, a grade that had not been exported since 2019 due to a decline in its production.

The easing of US sanctions on Venezuela is scheduled to end in mid-April if the ruling Socialist Party does not allow the opposition to compete in elections scheduled to be held this year, and this could lead to a decline in production and exports again.