PDVSA Refining Capacity Remains at One-Third Amid Recovering Venezuelan Crude Output
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As of April 2026, Venezuelan state oil company PDVSA operated its refineries at roughly 31% of their 1.29 million barrels per day (bpd) nameplate capacity, processing approximately 399,000 bpd. While crude production recovered to roughly 1.1 million bpd—the highest level since 2019—the refining infrastructure remained degraded due to years of missed maintenance, loss of skilled labor, and reduced investment. US sanctions imposed in 2019 further hindered the system by restricting access to necessary parts and capital, preventing the company from matching its processing throughput to its rising crude output.
Consequences
The persistent gap between crude extraction and domestic refining capacity forces Venezuela to continue importing fuel despite its significant oil reserves. This dependency on imports leaves the country vulnerable to chronic fuel shortages and recurring supply disruptions.
Sources
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