A small fleet of ships booked by Chevron is sailing to Venezuela as the company emerges as the only exporter of the country’s oil following the ouster of President Nicolás Maduro by US forces.
Chevron is poised to export more Venezuelan oil this month than last, with at least 11 ships scheduled to arrive in the Venezuelan government-controlled ports of Jose and Bajo Grande, according to preliminary data compiled by Bloomberg.
All eyes are on the Houston-based company to see if it will begin shipping out more Venezuelan crude after US President Donald Trump said he wanted “total access” to the country’s vast reserves. Chevron is the only Western firm allowed to produce and export crude oil in Venezuela amid American sanctions, and it operates under a licence granted by the US Treasury. It is responsible for nearly 25 per cent of the nation’s production and oversees the crude through delivery to fuel-makers in the US Gulf and east coast markets.
All eyes are on the Houston-based Chevron to see if it will begin shipping out more Venezuelan crude.Credit: Bloomberg
“Chevron remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets. We continue to operate in full compliance with all relevant laws and regulations,” it said in a statement on Tuesday.
Chevron continues to load oil as at least 12 vessels that were bound for Venezuela turned away under heavy US military presence in the Caribbean to enforce a blockade on outgoing oil. Two tankers used in the transport of sanctioned crude were caught in the US naval blockade. The US is now chasing a third tanker known as Marinera, or Bella 1, CBS News reported.
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Some vessels of the dark fleet were able to safely leave Venezuela over the weekend, right after US forces captured Maduro, according to TankerTrackers.com. At least four tankers, and maybe as many as 16, got through the blockade, it said, without providing the names of the vessels. Tankers of the shadow fleet typically turn off or spoof their transponders to disguise their location.
The 11 Chevron-chartered vessels scheduled to arrive in January would be the most since October when 12 tankers loaded. In December, nine tankers loaded oil, data shows, a figure that includes Chevron shipments and oil seized by the US government. Overall, the volume of the 11 tankers amounts to 152,000 barrels a day of oil, up from roughly 123,000 barrels a day loaded for the US in December.
One of the 11 ships has already loaded and two others are currently docked, vessel movements tracked by Bloomberg show. All the oil goes to refineries in the US, including Valero Energy Corp, Phillips 66 and Marathon Petroleum Corp.
