Oil operations advance, but FX pressure and softer banking liquidity complicate the recovery picture
Operational recovery remains led by hydrocarbons: oil production rose and key Orinoco assets restarted, while airport and power repairs point to broader normalization. But macro conditions are less clean, with both FX rates weakening by about 4 per cent, monthly inflation at 4.29 per cent and system deposits falling, suggesting fragile liquidity beneath the rebound.
By the numbers
Oil Production
916.01 kbd
+1.2%
Oil Export Revenue
USD 1,594.49m
-13.8%
Official FX Rate
755.9 VES/USD
+4.0%
Parallel FX Rate
851.68 VES/USD
+4.0%
Bank System Deposits
USD 11.81bn
-4.8%
Consumer Prices (MoM)
4.29%
+0.49 pp vs prior month
Companies & capital
Kaso
Launched an SME treasury dashboard.
What to watch
Next 1-2 weeks
Follow-through on Chevron's USD 500mn Petropiar expansion deal and whether the reported risk of a slower expansion alters timelines.
Next 1-2 weeks
Sustainability of higher crude exports after new offtake deals and the Petrocedeño upgrader restart.
August 2026
Banking data for signs of whether system deposits stabilise after the August decline despite Banco de Venezuela's reported quarterly growth.
August 2026
Transport and power recovery updates, including Maiquetía flight reactivation and thermoelectric infrastructure repairs after the June earthquake.
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