Chevron triples Venezuelan oil exports to the U.S.

The American oil company Chevron will triple its exports of Venezuelan crude to the United States in March, reaching about 300,000 barrels per day, compared to the 100,000 barrels sent in December, according to sources consulted by Reuters.

The company, the main partner of the state-owned PDVSA, has hired a dozen ships to increase shipments and reduce inventories that have accumulated since December, when a temporary blockade affected the exports of the OPEC member country, leaving millions of barrels stored in tanks and vessels, reported Reuters.

The four joint ventures between Chevron and PDVSA produce between 240,000 and 250,000 barrels of heavy crude oil daily, a quality highly sought after by refineries along the Gulf Coast of the United States.

The recent production cuts made by PDVSA in other fields did not affect the joint operations with Chevron, according to the same sources.

For months, Chevron was the only company authorized by Washington to export Venezuelan oil under a sanctions exemption.

Now it competes with the commercial firms Vitol and Trafigura, which received licenses from the U.S. government to send crude oil and fuel from Venezuela to the United States and other destinations, as part of a supply agreement valued at $2 billion.

In statements to Reuters, Chevron noted that it remains “committed to its present and future, while strengthening the energy security of the United States and the region.” PDVSA did not respond to requests for comment.

In early January, Chevron's vice president, Mark Nelson, assured President Donald Trump that the company could immediately double crude shipments from Venezuela and increase production by 50% over the next two years.

Nelson explained that the company is investing in new infrastructure and in the repair of damaged equipment to meet Chevron's operational standards.

The increase in exports occurs as Washington promotes an ambitious plan to rebuild the Venezuelan oil industry, valued at $100 billion.

President Trump has made it clear that the United States will maintain control over the energy resources of the South American country while the political transition led by interim President Delcy Rodríguez unfolds.

The new government in Caracas is working on an accelerated reform of the Hydrocarbons Law to attract foreign investment and ensure the legal security of companies operating under U.S. supervision.