First Venezuela Oil Cargoes Chartered Since US Supply Deal
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, which is set to speed up shipments starting in March while boosting deliveries to India, according to four sources and data.Trading firms Vitol and Trafigura have been exporting Venezuelan crude and fuel since January as part of a $2 billion deal between the U.S.
Phillips 66, Citgo Look to Directly Buy Venezuelan Crude
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts.Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington.
Trafigura Ships First Venezuelan Oil to Europe in Almost Two Years
Trader Trafigura has moved the first shipment of Venezuelan fuel oil to Europe in nearly two years, two trading sources and data seen by Reuters showed.The Aframax tanker Seawish loaded about half a million barrels of high-sulphur fuel oil at Amuay in Venezuela in late January and is due to arrive in Rotterdam, Europe's main fuel oil hub, in mid-February, according to Kpler data and PDVSA's export schedule.The cargo would mark the first arrival of Venezuelan fuel oil to Europe since April 2024, Kpler
Venezuelan Oil Exports Increase to 800,000 bpd in January Under US Control
Venezuelan oil exports rose to some 800,000 barrels per day (bpd) in January, from 498,000 bpd in December, after the U.S. capture of Nicolas Maduro and the ending of an oil blockade which has let traders carry most exports, shipping data showed.Washington imposed an oil embargo on the U.S.-sanctioned country in December to pressure Maduro and seized seven tankers.The blockade led to the accumulation of…
Chevron to Boost Exports of Venezuelan Oil to US in March
Oil producer Chevron is set to boost exports of Venezuelan crude to the U.S. to some 300,000 barrels per day (bpd) in March, from 100,000 bpd in December and some 230,000 bpd so far this month, two sources with knowledge of the plans said on Wednesday.The U.S. company, which is the main partner of Venezuela's state-run energy firm PDVSA, has chartered about a dozen tankers to increase shipments and drain inventories accumulated at its projects since December, when a U.S.
Trafigura Makes First Venezuelan Crude Sale Under Supply Deal
Trading house Trafigura has sold its first cargo of Venezuelan crude oil as part of a 50-million-barrel supply deal between Caracas and Washington, industry sources said on Thursday, with Spanish refiner Repsol taking the shipment.The cargo is expected to be delivered to Repsol in Spain in February, two of the sources said.Trafigura did not immediately respond to a request for comment. Repsol declined…
Venezuelan Oil Exports Progress Slowly Under US Supply Deal
Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and documents from state-run PDVSA showed, with shipments accelerating after the U.S. eased its blockade but not enough for PDVSA to fully reverse output cuts.Following the U.S. capture of President Nicolas Maduro in early January, Caracas and Washington agreed to a deal to sell up to 50 million barrels of Venezuelan crude stored in tanks and vessels.
Venezuela Reopens Wells as Exports Resume
Venezuela's state oil company has begun reopening some of the wells it and its joint venture partners had shut amid a strict U.S. embargo, as crude exports resume with two shipments departed on Monday, three sources close to operations said.The OPEC country's oil exports had remained almost at a standstill since December, with only U.S. Chevron exporting crude from its joint ventures under a U.S.
Oil Prices Dip as Investors Consider Iran Supply Concerns, Venezuelan Exports
Oil prices fell slightly on Monday after Iran said it had total control following the biggest anti-government demonstrations in years, easing some concerns over supply, while investors also weighed efforts to resume oil exports from Venezuela.Brent crude futures lost 28 cents, or 0.44%, to $63.06 a barrel by 1402 GMT while U.S. West Texas Intermediate crude was at $58.78 a barrel, down 34 cents, or 0.58%."Lower…
OPEC Oil Output Falls in December After Low Supply From Iran, Venezuela
OPEC's oil output fell in December due to lower supply from Iran and Venezuela, which offset an OPEC+ agreement to raise production for the month, a Reuters survey found on Friday.The Organization of the Petroleum Exporting Countries pumped 28.40 million barrels per day last month, down 100,000 bpd from November's revised total, the survey showed, with Iran posting the largest decline.OPEC+, comprising OPEC and allies including Russia…
Chevron Resumes Exports of Venezuelan Oil to US fter Four-Day Pause
An oil tanker chartered by U.S. Chevron carrying some 300,000 barrels of Venezuelan heavy crude bound for the U.S. Gulf Coast departed on Monday from the OPEC country's waters, shipping data showed, after a four-day pause in the company's exports of Venezuelan oil.Chevron is the only company currently authorized by Washington to export Venezuelan crude amid an oil embargo that U.S. President Donald Trump…
US Halves Chevron Exports of Venezuelan Oil
U.S. oil major Chevron is only able to export about half the crude its joint ventures produce in Venezuela with the latest rules laid out by Washington, three sources close to the matter said.The Treasury Department in late July issued a restricted authorization allowing Chevron to operate in the sanctioned country and export oil to the U.S., but it banned payments in any currency to the government of President Nicolas Maduro.To comply with the permit…
Chevron-Chartered Oil Tankers Return to Venezuela After New US License
At least three vessels that oil major Chevron had used to transport Venezuelan crude to the U.S. were navigating toward the South American country's waters on Thursday, with exports expected to resume later this month following a new U.S. license, according to shipping data and sources.The U.S. Treasury Department late last month authorized Chevron to operate in the sanctioned OPEC nation again, export…
Chevron, Valero Working to Resume Supplies of Venezuelan Oil to US
Chevron and Valero Energy are working to resume supplies of Venezuelan crude to Valero's U.S. refineries under an agreement that was on pause, three sources close to the preparations said on Tuesday, following a new license granted to the U.S. oil major.Washington in late July issued a new restricted authorization for Chevron to operate, swap oil and export crude from sanctioned Venezuela in a policy shift following a prisoner swap. The U.S.
Venezuelan Oil Exports Declined in July as Partners Awaited US Authorizations
Venezuela's oil exports declined about 10% in July from the previous month as key partners of state company PDVSA awaited U.S. authorizations to expand operations in the country, according to vessel tracking data and company documents.Washington in late July green lit producer Chevron to operate in the sanctioned country and export its crude to the U.S. under a restricted license that does not allow any…
Chevron Granted Restricted US License to Operate in Sanctioned Venezuela
Chevron has been granted a restricted U.S. license to operate in sanctioned Venezuela, three sources close to the decision said on Wednesday, adding that no money from oil proceeds can be transferred in any way to the administration of Venezuelan President Nicolas Maduro.Last week, Reuters reported that the U.S. was preparing to grant new authorizations to key partners of Venezuela's state-run PDVSA, starting with Chevron…
PDVSA Reaches $17.5b in Abroad Oil Sales in 2024
Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member.There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment.Venezuela has some of the world's largest reserves of oil…
Venezuelan Oil Exports Rise, More Cargoes Head to China
Venezuela exported some 844,000 barrels per day (bpd) of crude and fuel in June, an 8% increase from the previous month as the loss of the U.S. and European markets was offset by more cargoes sent to China, according to shipping data and documents.Washington in late May terminated a group of licenses that had authorized partners of oil company PDVSA, including Chevron and Repsol, to take Venezuelan crude bound for U.S.
Crude Spill Hits Environmentally-sensitive Area in Venezuela, Report
Crude oil spilling from one of state-run PDVSA's joint ventures has hit an environmentally sensitive area at Venezuela's eastern region, three sources close to the operations said on Tuesday.Oil spills and gas leaks have become frequent in recent years in Venezuela, where lack of investment and delayed maintenance have contributed to the deterioration of PDVSA's aging energy infrastructure.The leak came from an oil well at Platform G…
Third Iranian Fuel Cargo Approaches Venezuela
The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation's exclusive economic zone as the previous two were discharging at state run PDVSA's ports, according to Refinitiv Eikon data.The Iran-flagged tanker Petunia crossed the Caribbean Sea earlier on Tuesday, following the route taken in recent days by vessels Fortune and Forest.The Fortune was welcomed on Monday at PDVSA's El Palito refinery by Venezuela's oil minister…