Chevron Revitalizes Venezuelan Crude Exports to the U.S.

Chevron plans to significantly increase its exports of Venezuelan crude oil to the U.S., reaching around 300,000 barrels per day by March. The company has chartered numerous tankers to facilitate this increase and clear accumulated inventories resulting from a prior U.S. blockade on Venezuelan exports.

Chevron is gearing up to significantly enhance its exports of Venezuelan crude oil to the United States, aiming for approximately 300,000 barrels per day by March, according to sources familiar with the plan. This marks a substantial rise from their December export figures of 100,000 bpd.

The U.S.-based oil giant, partnered primarily with Venezuela's state-controlled PDVSA, is taking decisive steps to charter nearly a dozen tankers. This move is designed to not only boost shipments but also to clear out the inventories that have piled up at their Venezuelan projects.

The stockpiling issue occurred following a U.S. blockade that hampered the OPEC nation's oil exports, resulting in millions of barrels languishing in storage tanks and boats. With this new strategy, Chevron seeks to alleviate these backlogs and strengthen its position in the oil-export market.