**Chevron Ordered to Return Venezuelan Oil Amid Sanctions Pressure**
Chevron Corp. has been instructed to return nearly 1 million barrels of Venezuelan oil to Petroleos de Venezuela SA (PDVSA), marking a significant setback for the oil giant. This directive comes as Chevron was attempting to secure crude supplies before the impending U.S. sanctions deadline in May.
According to sources familiar with the situation, PDVSA has ordered Chevron to return the vessels Carina Voyager and Dubai Attraction, which are currently anchored off the coast of Venezuela, to port for unloading. Venezuelan Vice President Delcy Rodriguez stated that Chevron has returned crude oil shipments due to the challenges and restrictions placed on its ability to make payments to Venezuela. She noted that the crude would be sold in international markets.
Additionally, all remaining cargoes that Chevron had planned to load this month, totaling approximately 5 million barrels of crude oil, have been canceled, as reported by unnamed sources. Chevron has not provided any comments regarding this development.
This unexpected action by the Venezuelan government appears to have caught Chevron off guard, especially since the company had dispatched four other empty ships that were scheduled to load in the coming days. The Carina Voyager is carrying 500,000 barrels of the flagship Merey 16 oil, while the Dubai Attraction holds 350,000 barrels of Boscan oil, a heavy crude used for asphalt production. The former was loaded at the PDVSA terminal in Jose, Anzoategui state, and the latter in Bajo Grande, Zulia state.
The situation unfolds as the U.S. seems to be reverting to a “maximum pressure” strategy regarding Venezuela, with the Trump administration having been notably critical of President Nicolas Maduro’s regime. Chevron, based in Houston, has been ordered by the U.S. to cease its operations in Venezuela by May 27.
In conclusion, the return of these oil shipments and the cancellation of future cargoes highlight the ongoing complexities and challenges faced by international oil companies operating in Venezuela amid stringent U.S. sanctions.
**FAQ**
**What impact do U.S. sanctions have on Chevron’s operations in Venezuela?**
U.S. sanctions restrict Chevron’s ability to conduct business in Venezuela, including making payments for oil shipments, which has led to the return of crude oil and cancellation of future cargoes.
