• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
America Is Growing Wary of the Renewable Energy Boom

America Is Growing Wary of the Renewable Energy Boom

The US renewable energy sector…

Chevron Sending Tanker To Venezuela To Load Oil

U.S. oil company Chevron has a tanker on the way to sanctioned Venezuela, where it will pick up a load of crude oil destined for the United States.

The crude cargo will be the first Venezuelan crude oil shipment to arrive in the United States in almost four years, according to a Reuters source.

Chevron is also sending another tanker to Venezuela—this time set for delivery. The container is carrying much-needed diluents that will be mixed with Venezuela’s heavy crude. It will arrive in Venezuela in early January, the anonymous sources said.

Chevron holds a six-month license, granted by the U.S. government in late November, to expand its role in its Venezuelan joint ventures. This license allows the U.S. oil company to bring some sanctioned Venezuelan crude oil to the United States for sale to U.S. refiners.

Sanctions against Venezuela were introduced in 2019 by the Trump Administration, and the Biden Administration’s decision to ease some of those sanctions came after the resumption of talks earlier this year between the government of Nicolas Maduro and the Venezuelan opposition. Those talks led to the signing of a U.S.-brokered accord between the government and the opposition in order to resolve the country’s political turmoil. 

Profits from the sale of Chevron’s Venezuelan-derived crude oil will go towards paying down the debt to Chevron and will not bolster state-run PDVSA’s profits.

Chevron is the lone U.S. oil company currently operating in Venezuela.

Chevron’s future in Venezuela and possible license expansions or extensions will depend heavily on the United States’ attitude to the Nicolas Maduro regime and the latter’s fulfillment of the promises that he made last month with the opposition.

ADVERTISEMENT

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Kris Agrawal on January 01 2023 said:
    Need investors to Re complete oil and gas wells
  • George Doolittle on December 30 2022 said:
    Merry Christmas and a Happy New Year Venezuela!
  • Harvey Thompson on December 30 2022 said:
    Wow. One tanker of crude. Tat will supply the US for what, 10 minutes?

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News