Chevron’s Venezuelan oil cargoes stalled at sea after export cancellations

HOUSTON (Reuters) – A minimum of two vessels carrying Venezuelan crude chartered by Chevron are actually stalled in Venezuelan waters as a consequence of state oil firm PDVSA canceling their export authorizations after the U.S. imposed secondary tariffs on the OPEC member’s consumers, two sources with information of the matter mentioned on Friday.

The U.S. oil producer awaits customs paperwork to return the cargoes to ports after PDVSA on Thursday canceled set-sail authorizations to 2 of the Chevron-chartered vessels that had completed loading. It additionally suspended a loading allow to a 3rd tanker, the sources mentioned.

Below a person license to function in U.S.-sanctioned Venezuela, Chevron was approved by the U.S. Treasury Division in March to ship Venezuelan crude cargoes to the US till late Could earlier than suspending operations and exports.

However PDVSA’s orders may minimize the deadline quick.

As of Friday, the Chevron-chartered vessels Dubai Attraction and Carina Voyager remained loaded in Venezuelan waters ready for paperwork for the cargoes’ return, in keeping with the sources and LSEG transport information.

The cargoes had been declared as exports to Venezuela’s customs authority, so Chevron should now acquire authorization for his or her return as instructed by PDVSA, the sources mentioned.

Carina Voyager was sure for Chevron’s Pascagoula refinery in Mississippi, whereas Dubai Attraction was scheduled to switch its cargo to a Valero Power-chartered vessel off Aruba, in keeping with the info and sources.

A 3rd vessel, the Pegasus Star, was suspended a window to load this week, the sources added.

Chevron and PDVSA didn’t reply to requests for remark. Valero didn’t instantly reply to a remark request.

It was not instantly clear if the cargoes could be rescheduled by PDVSA.

Chevron, whose joint ventures with PDVSA produce a few quarter of the nation’s oil output, exported some 250,000 barrels per day (bpd) of Venezuelan crude to the U.S. within the first quarter beneath its license, granted in 2022.

That license and others to European and Asian firms in Venezuela have been canceled by U.S. President Donald Trump’s administration final month as Washington accused President Nicolas Maduro of not doing sufficient to curb unlawful migration to the U.S. and restore democracy in Venezuela.

Maduro’s authorities rejects the U.S. sanctions on the nation’s oil business, in impact since 2019, saying they quantity to an “financial warfare.”

(Reporting by Reuters employees; Enhancing by Marguerita Choy)