Chevron's Venezuelan Oil Cargoes Stalled Amid Export Cancellations

Chevron's crude oil exports from Venezuela have been halted as state oil company PDVSA revoked export authorizations for at least two vessels due to the imposition of U.S. secondary tariffs on Venezuelan oil buyers. The vessels, Dubai Attraction and Carina Voyager, are currently stranded in Venezuelan waters awaiting customs paperwork to return their cargoes. PDVSA has also suspended loading permits for four additional tankers, adding further uncertainty to Chevron's operations in the region. Under a U.S. Treasury Department license that expired in May, Chevron had been authorized to export Venezuelan crude, but recent actions by PDVSA have complicated these plans. The Venezuelan government has attributed these disruptions to U.S. sanctions, which they claim hinder Chevron's ability to conduct transactions. As of now, it remains unclear whether the cargoes will be rescheduled for export or returned to PDVSA.