Chevron Corp. is preparing to export up to 1 million barrels of crude oil from Venezuela, even as U.S. pressure on the country’s oil trade intensifies following new accusations from President Donald Trump.
According to Bloomberg tanker tracking data, Chevron has completed loading crude oil onto the tanker. marine ruby and are in the process of loading another shipment into the Minerva Astra. The exports come a day after President Trump accused Venezuela of using oil revenues to finance drug trafficking and terrorism.
Chevron has a license from the US government that allows it to produce and export Venezuelan crude, and its vessels are not subject to sanctions. The company said operations in the country continue uninterrupted and in full compliance with US laws and sanctions frameworks.
The shipments come amid heightened tensions after the Trump administration activated a naval blockade aimed at preventing sanctioned ships from entering or leaving Venezuela. The situation worsened last week when US authorities intercepted the supertanker. Pattern in an unprecedented movement. Since then, several “ghost” ships are said to have steered clear of Venezuelan ports, while others are avoiding the region altogether.
The crackdown is beginning to put pressure on Venezuela’s oil industry. Bloomberg has reported that the country could be forced to shut down production within days as storage tanks and tankers at ports fill up. Reuters said earlier this week that about 11 million barrels of Venezuelan crude are currently stranded at sea, prompting deeper discounts and tighter contract terms from buyers.
Venezuela’s crude oil production is already declining. The International Energy Agency estimated production at 860,000 barrels per day in November, well below more than 1 million bpd in September. Further declines are expected in December following US enforcement actions in Caribbean waters.
Additional disruptions are arising from a shortage of Russian naphtha, which PDVSA uses to dilute its heavy crude oil. At least one tanker truck carrying Russian gasoline recently left Venezuela amid the blockade.
In a worst-case scenario, analysts estimate that Venezuela could lose up to 500,000 bpd of production if exports and supplies of diluents remain limited.
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