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Shipment of Venezuela Crude Could Depart for US This Weekend

OIL

A tanker of Boscan crude will leave Venezuela's Bajo Grande port this weekend heading for a US Gulf coast refinery according to Argus sources.

  • The shipment would be the first Venezuela to US cargo since the introduction of tighter sanctions in 2018. Another cargo could be sent to the US in two weeks.
  • A recent easing of sanctions has allowed Chevron to resume work toward increasing Venezuelan crude production at its four joint venture projects in the country.
  • Years of neglect mean many of the facilities may take months or even years to resume operations. Sources suggest Chevron has enough crude in storage to be shipped to the US for the next six months without an increase in production.
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