Oil catalysts improve, but power stress and softer liquidity keep the recovery uneven
The operating picture is still two-speed. Oil headlines turned more constructive with Petropiar and Petrocedeño developments and reports of stronger exports, but the latest tracked data show export revenue down sharply, bank dollar deposits weaker, and industrial activity constrained by new power rationing signals. FX conditions remain relatively orderly, with the official rate flat and the trust gap markedly narrower despite a mild uptick in parallel pricing.
By the numbers
Oil Export Revenue
USD 1,594.49m
-13.8%
Bank System Deposits
USD 11.81bn
-4.8%
FX Trust Gap
13.2%
-62.5%
International Flights (weekly)
55 flights/week
+37.5%
Startup Funding (TTM)
USD 74.28m
+5.0%
Industrial Power Demand
1,387.48 GWh
-2.3%
What to watch
Next 1-2 weeks
Chevron follow-through on the announced USD 500m Petropiar expansion deal and any clarification after reports it could slow expansion.
August 2026
Oil export and production updates after Petrocedeño's 40kbd restart and reported new offtake deals lifting exports to 1.2m bpd.
August 2026
Power supply conditions after the government's rationing plan for the private sector and reports of continued regional outages.
August 2026
Maiquetía traffic normalization after temporary terminals were installed to reactivate flights.
Next banking release
Whether system USD deposits stabilize after the August decline, despite reported quarterly deposit growth at Banco de Venezuela.
Worth your time
- Chevron signs 500 million dollar expansion deal for Petropiar joint venture
Reuters
- PDVSA restarts Petrocedeño upgrader, adding 40kbd of extra-heavy crude capacity in the Orinoco Belt
Reuters
- Oil output edges toward 1 million barrels
Reuters
- PDVSA restarts Petrocedeño upgrader, adding 40kbd
Reuters
- Inflation momentum cools for third month
Observatorio Venezolano
- Cashea closes $20M Series B to expand merchant credit in Venezuela
Bloomberg Línea