Chevron resumes US imports of Venezuelan oil following new US license

Two tankers chartered by Chevron carrying Venezuelan crude arrived in US waters on August 21, marking the first imports from the South American nation since Washington issued a new license, vessel tracking data shows.

The US Treasury Department granted Chevron a restricted license last month, allowing the company to operate in Venezuela and export its oil after a three-month pause prompted by stricter sanctions policies, Caliber.Az reports via Reuters. 

The vessels Mediterranean Voyager and Canopus Voyager loaded Venezuelan Boscan and Hamaca crudes earlier this month following negotiations with state oil company PDVSA, Chevron’s partner in several joint ventures, according to LSEG data and PDVSA documents. The tankers are scheduled to discharge at Port Arthur, Texas, and New Orleans, Louisiana. Two additional Chevron cargoes from Venezuela this month are also en route to the United States.

Chevron CEO Mike Wirth had earlier indicated that Venezuelan oil shipments to the U.S. would resume in August, though in limited volumes. The company had been unable to access Venezuelan crude since April, when PDVSA canceled several cargoes due to payment complications linked to sanctions.

In the first quarter of this year, Chevron exported approximately 252,000 barrels per day of Venezuelan oil to the United States. The company typically refines part of the crude at its own facilities and sells the remainder to independent US refiners, including Valero Energy and PBF Energy.

Venezuelan authorities have repeatedly criticised US sanctions, describing them as an “economic war” against the country.

By Sabina Mammadli