The logo of the state oil company PDVSA is seen on an oil tank container in an oil facility, in Lagunillas, Venezuela, October 14, 2022.
The cancellations come after the U.S. introduced a 25% tariff on Venezuelan crude and gas buyers in early April, alongside the termination of licenses last month that had allowed Chevron and other PDVSA partners to export oil under exemptions from U.S. sanctions. The U.S. Treasury Department set a deadline of May 27 for these companies to finalize operations and purchases. Chevron had been exporting approximately 250,000 barrels per day of Venezuelan crude to the U.S. under its license.
Of the canceled authorizations, two involved tankers that had already loaded oil, requiring the cargo to be returned to Venezuelan ports. A third tanker had not yet loaded, one source noted. Neither PDVSA nor Chevron responded immediately to requests for comment, and it remains unclear whether the affected shipments will be rescheduled.
Venezuelan authorities, led by President Nicolas Maduro, expressed opposition to the U.S. measures on Thursday, describing them as unfair to the country’s economy. The tariffs briefly disrupted some oil loadings earlier this month, particularly those destined for major markets, but operations resumed this week.
Chevron’s exports had previously been unaffected by the tariffs due to its license, according to shipping data and sources tracking tanker movements. The recent cancellations mark the first impact on the company’s operations in this context. Venezuela continues to navigate its oil trade amid these developments, balancing international partnerships and domestic priorities while maintaining its role in global energy markets.
