VENEECONOMIST
Analysis Type C — Sectoral · AUGUST 18, 2026

Venezuela produces 1.23 million barrels and refines 350,000: what closing the gap would cost

PDVSA's president put a company figure on the refining system's real capacity for the first time this year, and it equals 27% of what those plants were built to process. Restoring the whole system is estimated at some US$20 billion. The three possible paths, with the signal that shows which one is winning.

Published August 18, 2026

At Amuay there is a flexicoking unit that has not processed anything in years. For much of that time it served as a parts bin: if a pump was needed, that is where crews looked; if a pipe or an instrument was needed, the same. An engineer who recently retired from the plant describes it without drama, the way you would describe a routine procedure. That unit is part of the 645,000 barrels a day Amuay is nominally able to process. The figure PDVSA's president gave on August 14 for the country's entire refining system — all four refineries together — was 350,000.

The number deserves attention because it is not a consultancy estimate or a market calculation: the state company itself supplied it. Héctor Obregón Pérez, PDVSA's president, put real refining capacity at some 350,000 barrels a day and said that volume covered domestic gasoline and diesel demand with no fuel imports through 2025 and the first eight months of 2026. In the same interview he put crude output at 1,233,000 barrels a day.

Keep reading — free

Sign up and read 3 analyses a month, free

Create your reader account with your email. No password, no card.

No password · The full analysis lands in your inbox

Want no limits? Subscribe to Explorer from $19/mes
Classification
Analysis Type CSectoral
Energía · Refinación
August 18, 2026
Free subscription · 1-click unsubscribe

Get it in your inbox, free

Subscribing you to Daily VE Pulse.

VENE · ECONOMIST Intelligence Unit · Informational analysis. Does not constitute investment, legal or tax advice. Vene Economist is not a credit rating agency; the "VE Verdict" is a proprietary editorial indicator, not a credit rating. Always verify against the primary source before making decisions.

Topics

FURTHER READING

04
VE PULSE · 26-AUG-2026

The detour on flights to Caracas ends on September 1, sixty-nine days on

What opens is not the damaged terminal but two modular halls with seven boarding gates between them. The main building, hit along with one of the runways, is being rebuilt separately and on another calendar.

ANÁLISIS · ENERGÍA · SANCIONES Y ELEGIBILIDAD

OFAC eligibility in Venezuela: who lends the permit to sign with PDVSA

A Canadian oil company set out on August 24 the six steps it took to enter Venezuelan crude: a U.S. subsidiary, registration with the investment agency, exclusivities, data packages and a field visit. Five it took alone. For the sixth it states that it partners "with entities benefiting from the updated U.S. sanctions regime."

SECTOR BRIEF · VE-ENERGY-UPSTREAM

Venezuela Upstream July 2026: LOH Regulation drops PDVSA (Gaceta 7,052), Repsol signs Horcón MoU, OFAC amends GL 46C-54A, Brent normalizes to $81

The first comprehensive Hydrocarbons Law regulation since 1943 opens upstream to privates without a mandatory joint venture; the VE Score eases from 94 to 84 on Brent's correction (May $104 → July $81), not regulatory deterioration.

OFAC · GL 62

GL 62 — Negotiations of and Entry Into Contingent Contracts for Investment in the Telecommunications Sector of Venezuela

Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — related to the negotiation of and entry into contingent contracts for new investment in the telecommunications sector of Venezuela, provided that performance of any such contract is made expressly contingent upon separate authorization from OFAC. Covers establishing new telecommunication service providers, expanding existing operations, and forming new joint ventures or other entities, along with prefatory steps such as commercial, legal, technical, safety, and environmental due diligence and assessments. No periodic reporting and no expiration date.