By Marianna Parraga and Mircely Guanipa

HOUSTON/MARACAY (Reuters) – Venezuela’s August oil exports reached their highest level in over four years, driven by increased shipments to China, the U.S., and Europe amid looming risks of new U.S. sanctions due to an electoral dispute.

The U.S. Treasury Department last year issued a broad license allowing Venezuela to export oil freely, easing sanctions that had been imposed since 2019 under the Trump administration. Although this authorization was not renewed in April, individual energy licenses have still been issued since then.

State oil company PDVSA, along with U.S. oil firm Chevron and Spain’s Repsol, exported an average of nearly 885,000 barrels per day (bpd) of crude and fuel in August, based on tanker movement data. This figure is 50% higher than the previous month and 62% more than August 2023.

A dispute over Venezuela’s July presidential election has plunged the OPEC-member nation into a new political crisis, with both incumbent President Nicolás Maduro and opposition leader Edmundo Gonzalez claiming victory. Washington has warned of new sanctions if Maduro’s government continues down a path of political persecution and isolation.

ENERGY CHIEF SHAKE UP

In August, Maduro rearranged his cabinet, moving oil minister Pedro Tellechea to the industry minister role and appointing Vice President Delcy Rodriguez as the new oil minister. Hector Obregon, previously Vice President of PDVSA, has been promoted to CEO.

Additionally, Maduro and Rodriguez appointed new vice ministers and board members at PDVSA this week.

In total, 51 cargoes carrying Venezuelan crude, fuel, oil byproducts, and petrochemicals departed Venezuela’s waters last month, mainly bound for Asia, followed by the U.S., Europe, and Cuba.

Chevron’s crude exports to U.S. refineries and other customers averaged 227,000 bpd, marking the second-highest monthly level this year. Repsol shipped about 86,000 bpd to the U.S. and Europe, lower than 102,000 bpd in July.

Spain has already surpassed its total Venezuelan oil imports for 2023, according to reports from the Spanish Energy and Environment Ministry.

Foreign energy firms, including Chevron and Repsol, have expanded their operations in Venezuela under U.S. authorizations in recent years. Washington indicated last month it does not plan to revoke these licenses, though it has not made recent statements on the matter.

Additionally, Venezuela exported 589,000 metric tons of oil byproducts and petrochemicals in August, up from 266,000 tons in July, while fuel imports increased to approximately 90,000 bpd, up from 59,000 bpd in July.