Chevron Corp. is preparing to export up to 1 million barrels of crude from Venezuela, even as U.S. pressure on the country’s oil trade intensifies following fresh accusations from President Donald Trump.
According to Bloomberg tanker-tracking data, Chevron has completed loading a crude cargo onto the tanker Searuby and is in the process of loading another shipment onto the Minerva Astra. The exports come a day after President Trump accused Venezuela of using oil revenues to finance drug trafficking and terrorism.
Chevron holds a U.S. government license that allows it to produce and export Venezuelan crude, and its vessels are not subject to sanctions. The company said operations in the country are continuing without disruption and in full compliance with U.S. laws and sanctions frameworks.
The shipments are taking place amid heightened tensions after the Trump administration activated a naval blockade aimed at stopping sanctioned vessels entering or leaving Venezuela. The situation escalated last week when U.S. authorities intercepted the supertanker Skipper in an unprecedented move. Since then, multiple “ghost” vessels have reportedly turned away from Venezuelan ports, while others are avoiding the region altogether.
The crackdown is beginning to strain Venezuela’s oil industry. Bloomberg has reported that the country could be forced to shut in production within days as storage tanks and port-based tankers fill up. Reuters said earlier this week that roughly 11 million barrels of Venezuelan crude are currently stranded at sea, prompting deeper discounts and tougher contract terms from buyers.
Venezuela’s crude output is already declining. The International Energy Agency estimated production at 860,000 barrels per day in November, down sharply from more than 1 million bpd in September. Further declines are expected in December following U.S. enforcement actions in Caribbean waters.
Additional disruption is emerging from shortages of Russian naphtha, which PDVSA uses to dilute its heavy crude. At least one tanker carrying Russian naphtha recently turned away from Venezuela amid the blockade.
In a worst-case scenario, analysts estimate Venezuela could lose up to 500,000 bpd of production if exports and diluent supplies remain constrained.
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finance.yahoo.com
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