A worker maneuvering an oil rig with a Chevron flag flying in the background. Photo: File photo.
Chevron has announced that it will raise its shipments of Venezuelan oil to the United States to 100,000 barrels per day in the month of February. In January, Chevron’s oil shipment from Venezuela to the US was 75,000 barrels of crude per day.
According to a report published by Reuters, the United States considered increasing the import of crude oil from Venezuela after the failure of the maximum pressure measure against the Venezuelan government through illegal sanctions.
“So far this year, Chevron has delivered 900,000 barrel of heavy naphtha to PDVSA and another 450,000-barrel cargo was recently booked for February delivery,” reported Reuters.
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Agreements between Venezuela and Chevron
These exports of Venezuelan oil to the US come after Chevron and the Venezuelan government signed various agreements for the reactivation of Chevron’s crude oil production and export activities in Venezuela in December 2022. The contracts were signed a few days after the US government, via the Office for Foreign Assets Control (OFAC) of the Treasury Department, authorized Chevron to resume its oil activities in Venezuela, one of the countries most heavily sanctioned by the United States.
“These contracts will strengthen the productive and development activities of the Venezuelan energy sector,” said Venezuelan Petroleum Minister Tareck El Aissami after the contracts were signed.
In Venezuela, Chevron operates as part of a strategic partnership of four join ventures with the Venezuelan state oil company PDVSA: Petroboscán, Petroindependiente, Petropiar, and Petroindependencia.
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OPEC’s report on Venezuelan oil production
Overall, Venezuela produced 686,000 barrels per day (BPD) in January 2023, according to the latest report of the Organization of Petroleum Exporting Countries (OPEC). This figure is 20,000 BPD more than December 2022. PDVSA reported a production figure of 732,000 BPD in January, above December’s 669,000 BPD, as reported by Venezuelanalysis.
International analysts are of the opinion that crude production this year will not vary much from the 690,000 BPD that Venezuela averaged in 2022, as long as Washington’s blockade against the country’s oil industry remains largely unaltered.
Since May 2022, Eni and Repsol sent several crude cargoes from Venezuela to Europe until the deal was suspended in August to renegotiate terms. Shipments are reportedly set to resume soon, with one cargo assigned to Eni for loading this month.
(RedRadioVE) by Yucsealis Rincón, with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/SC