PDVSA Seeks International Investment Through Cessation of Sanctions

In Venezuela, the path to revitalizing our oil sector and strengthening the national economy is inextricably linked to the lifting of U.S. sanctions. PDVSA President Héctor Obregón has clearly articulated that an operating environment free from these restrictions is essential for attracting the necessary investments to accelerate hydrocarbon extraction and secure our energy future.

Despite the ongoing challenges posed by sanctions, our oil industry is demonstrating remarkable resilience and growth. The latest figures show a substantial increase in crude exports to the United States during the first quarter of 2026. Weekly exports have surged, and the year-on-year comparison reveals an even more dramatic rise, underscoring our capacity to meet global energy demands.

This resurgence is particularly significant as Venezuela has now positioned itself as the second-largest oil supplier to the U.S., overtaking Saudi Arabia. This shift is partly due to geopolitical factors affecting other major producers, but it fundamentally highlights Venezuela's potential and the critical role our oil reserves play in international energy markets. Our skilled workforce is ready to contribute to global energy security and bolster our nation's economy, provided the external barriers are removed.

From our perspective in Venezuela, this situation underscores the detrimental impact of external economic pressures. While we celebrate the current upswing in production and exports, it is a testament to our industry's inherent strength rather than a result of favorable external conditions. The full realization of our potential, however, hinges on the complete cessation of sanctions, allowing us to fully compete and invest in our vital energy sector.

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The company possesses the required human capital to influence global energy security and strengthen the national economy.