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Venezuela-US Crude Cargo Expected By End 2022

OIL

Chevron is expected to send its first cargo of Venezuelan crude to a US Gulf coast refiner by the end of December, according to an Argus source.

  • This will be the first cargo since 2018.
  • Chevron has also been permitted to resume some 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 many months, if not years, to resume operations, but Chevron has ample crude in storage in the country that can be shipped relatively easily.
  • "Chevron has enough inventories to send oil to the US for the next six months" without an increase in production, according to a source in the government opposition familiar with operations.
Energy BulletsCommodities
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