Chevron’s Venezuelan oil exports are in limbo after state-run PDVSA abruptly canceled loading permits for at least six tankers, stalling two fully loaded vessels in Venezuelan waters. The move follows Trump’s April sanctions barring buyers of Venezuelan crude—threatening to cut off a key revenue stream for Caracas.
Key Developments:
- 🚢 Stranded Cargoes:
- Dubai Attraction and Carina Voyager (loaded with Venezuelan crude) are stuck awaiting customs clearance to return to port.
- Four other Chevron-chartered tankers (Pegasus Star, Ionic Anax, Calypso, Sea Jaguar) had loadings suspended; two sailed away empty.
- ⏳ Shrinking Deadline:
- Chevron’s U.S. license to import Venezuelan oil expires in May, but PDVSA’s actions may end shipments early.
- Q1 exports averaged 250,000 bpd to Chevron’s U.S. refineries.
Why It’s Happening:
- Trump’s Sanctions:
- April’s secondary tariffs penalize any buyer of Venezuelan oil, forcing PDVSA to freeze exports.
- U.S. accuses Maduro of failing to curb migration or restore democracy.
- Venezuela’s Crisis:
- PDVSA risks losing $1B+/month in oil revenue if exports halt.
- Maduro calls sanctions “economic warfare” as hyperinflation and fuel shortages worsen.
What’s Next?
- Chevron’s Options: Negotiate with PDVSA for cargo returns or write off losses.
- Global Oil Impact:
- U.S. Gulf refiners may seek Canadian/Mexican heavy crude as substitutes.
- China could secretly buy discounted Venezuelan oil, risking U.S. penalties.
Chevron’s Venezuelan Oil Shipments Frozen as US Sanctions Trigger PDVSA Export Halt