KEY POINTS
- Chevron has significantly ramped up its Venezuelan crude shipments this month, deploying its largest tanker fleet in nearly a year to move roughly 200,000 barrels per day under a U.S. export license.
- The move aligns with U.S. policy to tighten control over Venezuelan oil flows, reducing reliance on illicit dark-fleet trade after recent political developments in the country.
- U.S.-licensed traders and refiners are engaging in new export channels, with deals and purchases underway that could reshape how Venezuelan oil enters global markets amid reforms and shifting export patterns.
Chevron has dispatched a larger fleet of tankers to transport Venezuelan crude, sending 15 vessels carrying around 200,000 barrels per day, the most since March, under a U.S. license that allows exports of sanctioned oil.
The increase in Chevron’s operations comes amid a drop in so-called “dark fleet” or illicit tanker activity, as Washington enforces tighter control over Venezuela’s crude exports in the wake of political changes.
Trading Firms Support New Export Channels
Alongside Chevron, U.S.-licensed trading firms like Vitol and Trafigura are preparing shipments and selling Venezuelan fuel and crude under a broader U.S.-backed agreement to move up to 50 million barrels into global markets.
Under recent authorisation, U.S. refiners have begun buying Venezuelan crude cargoes at discounted prices, while overall export progress under a major U.S. supply deal is continuing, though logistical and buyer challenges remain.
Meanwhile, Venezuela’s lawmakers have backed reforms to attract foreign and private investment in the oil sector, part of broader efforts to revitalize production following leadership changes
