Marcus D'Elia analyzes port bottlenecks limiting Venezuela's oil exports

In an interview with Times Brasil (CNBC's exclusive licensee), with journalist Soraya Lauand, Marcus D'Elia, a partner at Leggio Consultoria, assessed why rising oil production in Venezuela is not translating into a proportional increase in exports: the country's deteriorated port infrastructure is causing tanker queues and shipment delays of up to 30 days, raising the cost of exported oil and limiting the gains expected from the production recovery.

Production is rising, but shipments aren't keeping pace

According to D'Elia, Venezuelan production rose from approximately 900,000 barrels per day in 2024 to 1.2 million barrels per day today, still well below the roughly 3 million barrels per day the country produced at its historical peak, but a meaningful recovery nonetheless. The bottleneck lies on the export side: loading wait times, which used to run around one week, now reach roughly 30 days.

The main problems identified at the ports

D'Elia points to operational issues as the primary constraints:

• Slow pumping speeds

• Equipment-related shutdowns

• Oil contamination in storage tanks

• Leaks during loading

A single terminal in northern Venezuela handles roughly 70% of the oil exported to the United States and is where most of these operational bottlenecks are concentrated.

Delays are driving up the cost of venezuelan oil

Each additional day a tanker sits idle raises the logistics cost of the operation, cutting into the funds Venezuela would otherwise have available to reinvest in its own infrastructure recovery.

The US is buying more, but depends on fixing the bottleneck

The US, which imported roughly 650,000 barrels per day from Venezuela in 2024, now absorbs approximately 1 million barrels per day, the bulk of the country's current production. In the expert's assessment, Venezuelan oil, which is predominantly heavy crude, has been displacing part of the Mexican oil previously used by refineries on the US Gulf Coast, and volumes once destined for China have shifted toward the United States.

The US strategy remains effective from a geopolitical standpoint, but still lacks the economic payoff it was expected to deliver — which, in his view, would require external investment in Venezuela's port infrastructure for the production increase to fully translate into greater supply for the international market.

To watch the full interview, click here: https://www.youtube.com/watch?v=5NR8FgbZ-_g