Chevron Boosts Venezuelan Oil Exports Amid New U.S. Licenses

Chevron aims to increase Venezuelan crude exports to the U.S. from 100,000 to 300,000 barrels per day by March. This comes after new U.S. licenses allowed companies like Vitol and Trafigura to export Venezuelan oil, which follows a previous U.S. blockade affecting exports.

Chevron is set to significantly escalate its exports of Venezuelan crude to the United States, increasing shipments to 300,000 barrels per day by March. This strategic move, from 100,000 bpd in December, comes amid a backdrop of newly acquired U.S. licenses allowing competitors such as Vitol and Trafigura to partake in similar export activities.

After a U.S. blockade left millions of barrels stored, Chevron has engaged in chartering numerous tankers to alleviate the backlog. The Chevron-PDVSA oil joint ventures are maintaining production of heavy crude, attracting keen interest from refiners along the U.S. Gulf Coast. Despite recent cutbacks in oilfield production by PDVSA, Chevron's operations have remained unaffected.

During a high-profile meeting with U.S. President Donald Trump, Chevron Vice Chairman Mark Nelson emphasized the company's immediate readiness to enhance crude loading and production. Amid these developments, Washington is pushing forward a $100 billion reconstruction strategy for Venezuela's oil sector, as leadership changes unfold in the region.

(With inputs from agencies.)