Chevron has unloaded Venezuelan crude oil at U.S. ports under its existing Treasury licence, according to a Bloomberg report on Monday, even as U.S. enforcement actions disrupt other Venezuelan export routes and tighten pressure on unauthorised shipments.
Bloomberg did not disclose the number of cargoes involved or the timing of the deliveries.
The arrivals come as Washington steps up interdictions targeting Venezuelan oil flows outside approved channels, drawing a clear distinction between Chevron’s licensed operations and exports handled by traders and intermediaries without U.S. authorisation. Chevron remains the only U.S. oil company permitted to produce and export crude from Venezuela, operating through joint ventures with state oil company PDVSA under terms that limit proceeds to debt repayment rather than direct revenue for Caracas.
Bloomberg reported that Chevron-linked cargoes were able to discharge at U.S. ports while other Venezuelan shipments have faced mounting legal and logistical obstacles. Traders have scaled back dealings in Venezuelan crude amid stricter enforcement, leaving some barrels unable to complete deliveries or secure buyers.
Chevron’s Venezuelan output is typically shipped to U.S. Gulf Coast refineries configured to process heavy sour crude, a segment of the market with limited replacement options. Access to those grades remains important for complex refiners, particularly as sanctions constrain supplies from other producers with similar crude qualities.
The Trump administration has prioritised enforcement and interdictions rather than announcing new sanctions, preserving Chevron’s licence while narrowing pathways for unauthorised exports. Any change to the licence terms could quickly affect Venezuelan production levels and refinery sourcing along the U.S. Gulf Coast.
The situation has created a split oil trade, with Chevron’s licensed barrels moving while unauthorised Venezuelan shipments face mounting obstacles. Estimates cited by Oilprice indicate roughly $900 million worth of Venezuelan crude remains stranded at sea as tankers struggle to secure ports, buyers, financing, or insurance as the U.S. steps up enforcement. Several cargoes have reportedly been delayed for weeks or left idling offshore as traders reconsider their legal exposure and counterparties pull up stakes.
By Charles Kennedy for Oilprice.com
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