Chevron to Increase Venezuelan Oil Exports to US in March

• Chevron has chartered about a dozen tankers to boost shipments and drain inventories that accumulated during the December U.S. blockade, with its joint ventures producing 240,000-250,000 bpd of heavy crude
• Chevron's Vice Chairman told President Trump the company could increase crude loading by 100% immediately and boost production by 50% within two years through infrastructure investments and equipment upgrades
• Venezuela's interim President Delcy Rodriguez is working to rapidly reform the nation's oil law to enable Trump's proposed $100 billion reconstruction plan for the country's oil industry

Summary: Chevron to Triple Venezuelan Oil Exports to US

Chevron is preparing to significantly increase Venezuelan crude exports to the United States, targeting 300,000 barrels per day (bpd) in March—up from 100,000 bpd in December and 230,000 bpd in January. The increase follows a US blockade in December that left millions of barrels in storage.

Key Figures:

• Current production: 240,000-250,000 bpd from four Chevron-PDVSA joint ventures
• Chevron has chartered approximately 12 tankers to drain accumulated inventories
• Planned production increase: 100% immediate capacity, 50% growth within two years

Market Dynamics:

Chevron previously held exclusive authorization to export Venezuelan oil under US sanctions exemptions. However, trading houses Vitol and Trafigura recently received US approval to export Venezuelan oil and fuel under a $2 billion arrangement, creating new competition.

Political Context:

Following the capture of President Nicolas Maduro by US forces, interim President Delcy Rodriguez's government is fast-tracking oil law reforms to facilitate investment. President Trump is promoting a $100 billion reconstruction plan for Venezuela's oil industry. Chevron Vice Chairman Mark Nelson told Trump the company aims to upgrade existing infrastructure and equipment to company standards.

Industry Significance:

Venezuelan heavy crude grades remain popular among US Gulf Coast refiners. PDVSA's output cuts in early January did not affect Chevron's projects, ensuring continued production stability. The increased exports will strengthen US energy and regional security while providing critical revenue for Venezuela's interim government.

Chevron emphasized its commitment to Venezuela's oil sector both currently and long-term.