Chevron Expands Venezuelan Crude Exports Amid Geopolitical Shifts

Chevron is set to increase Venezuelan crude exports to the U.S. to 300,000 barrels per day by March. This move comes as Chevron maneuvers within geopolitical changes and competition from Vitol and Trafigura, while a new interim government in Venezuela seeks legislative reforms to attract investments.

Chevron plans to boost its export of Venezuelan crude to the U.S. to 300,000 barrels per day by March, significantly increasing from the 100,000 barrels per day recorded in December. Sources indicate Chevron, in partnership with PDVSA, is chartering tankers to expedite this move.

The output from Chevron's joint ventures with PDVSA, producing heavy crude grades favored by U.S. Gulf Coast refiners, remained steady despite PDVSA's production cuts. With new U.S. licenses, Vitol and Trafigura also join the export competition.

Chevron states its commitment to bolstering U.S. energy and regional security amid political changes in Venezuela. Interim President Delcy Rodriguez's government is fast-tracking oil law reforms to support a proposed $100 billion reconstruction initiative post-President Nicolas Maduro's capture.