ORINOCORP

PDVSA: Venezuela's State Oil Company Explained (2026)

PDVSA — Petróleos de Venezuela, S.A. — is Venezuela’s state-owned oil company, and the main source of the country’s income and foreign currency, as the U.S. Treasury put it when it sanctioned the company in 2019. Venezuela’s constitution keeps the oil industry under PDVSA or another state entity (Article 303, per CSIS), so foreign companies work with it through joint ventures and contracts. In October 2026 it was producing about 1.2 million barrels a day, according to its president, Héctor Obregón, who aims for 1.5 million by the end of 2027. It is not listed on any stock exchange.

PDVSA at a glance

Owner Venezuelan state
President Héctor Obregón (since August 2024)
Oil output ~1.2 million b/d (PDVSA, October 2026); 1,206,000 b/d reported to OPEC for September
Target 1.5 million b/d by end-2027
Refining ~350,000 b/d; target 500,000–600,000 b/d in 2027
Crude exports 699,000 b/d in 2025 (OPEC)
Oil export revenue $18.2 billion in 2025, 86% of Venezuela’s exports (OPEC)
U.S. status Sanctioned since January 28, 2019; operating under U.S. general licenses

Who runs PDVSA?

Héctor Obregón, a lawyer who previously worked at the Finance Ministry and the development bank Bandes, became president in August 2024, replacing Pedro Tellechea, per Reuters. He had joined PDVSA’s executive board the year before.

How much oil does PDVSA produce and refine?

On October 9, 2026, Obregón said output was 1.2 million b/d, with a goal of 1.5 million by the end of 2027. Refineries process about 350,000 b/d, and PDVSA wants 500,000 to 600,000 b/d next year; the Cardón refinery was restarting after a fire earlier that week, per Finanzas Digital. OPEC’s independent estimate for September was lower, at about 1.15 million b/d (Venezuela oil production).

PDVSA’s partners and contracts

PDVSA expects to sign 105 oil contracts by the end of 2026: 61 already signed and 44 in final negotiation, about 70% of them for undeveloped fields, Obregón said. They follow the January 29, 2026 reform of the Organic Hydrocarbons Law, which opened new forms of private participation, per the Congressional Research Service. The best-known partners:

U.S. sanctions on PDVSA

On January 28, 2019, the U.S. Treasury designated PDVSA, blocking its property under U.S. jurisdiction and generally barring U.S. persons from dealing with it. Treasury called the company “a vehicle for corruption.” Since then, U.S. companies have worked with it only under licenses. In 2026 the Treasury issued broader general licenses; under GL 52, payments owed to PDVSA must go into U.S. government-designated accounts, and bond and debt transactions remain excluded, per Mayer Brown.

CITGO and PDVSA bonds

What is not known

Where its oil is: the Orinoco Belt and Venezuela oil reserves.