MOSCOW, January 21. /TASS/. Venezuela slashed its oil exports nearly three-fold in early January due to a US blockade, which led to production halts at a number of projects, according to a report by the International Energy Agency (IEA).

Following the US maritime blockade, oil shipments dropped sharply: according to preliminary data from Kpler, from 880,000 barrels per day in December to around 300,000 barrels per day in early January, the report said. With no export outlets available, inventories in the country continue to build, forcing the partial shutdown of production, the IEA added.

Preliminary estimates indicated that output was cut by 30,000 barrels per day, to 870,000 barrels per day.

Venezuela’s oil production in the Q3 of 2025 and in December stood at around 1 mln barrels per day, while the average for 2025 reached 950,000 barrels per day. The country exported 780,000 barrels per day, with 25% of those volumes shipped to the United States. In December, half of Venezuela’s oil exports were loaded onto tankers subject to sanctions.

Before the US imposed sanctions in 2018, Venezuela exported most of its oil to the United States, India, and other Latin American countries. According to Kpler, since 2018 China has received nearly 80% of Venezuela’s oil exports, while the United States accounted for almost 20% in recent months.

On January 3, the United States attacked civilian and military facilities in Venezuela. The country’s foreign minister, Yvan Gil Pinto, described Washington’s actions as military aggression. US President Donald Trump confirmed strikes on Venezuelan territory. Washington carried out an operation to seize and remove Venezuelan President Nicolas Maduro and his wife, Cilia Flores, from the country. On January 6, the US leader said Venezuelan authorities would transfer between 30 million and 50 million barrels of oil to the United States for sale, with him personally overseeing the proceeds from the transaction. Trump later noted that Venezuela would use the funds generated from the new oil deal solely to purchase US-made products.

It was also reported that the United States detained seven tankers departing Venezuela without US authorization.