Chevron Ships Venezuelan Crude Despite Rising U.S. Pressure

Core Viewpoint - Chevron Corp. is set to export up to 1 million barrels of crude oil from Venezuela despite increasing U.S. pressure on the country's oil trade following accusations from President Trump regarding Venezuela's use of oil revenues for illicit activities [1][2]. Group 1: Chevron's Operations - Chevron has successfully loaded a crude cargo onto the tanker Searuby and is in the process of loading another shipment onto the Minerva Astra [2]. - The company holds a U.S. government license that permits it to produce and export Venezuelan crude, ensuring its vessels are not subject to sanctions [3]. - Chevron's operations in Venezuela are reported to be ongoing without disruption and in full compliance with U.S. laws and sanctions frameworks [3]. Group 2: U.S. Government Actions - The Trump administration has activated a naval blockade aimed at preventing sanctioned vessels from entering or leaving Venezuela, escalating tensions in the region [4]. - U.S. authorities recently intercepted the supertanker Skipper, marking an unprecedented enforcement action [4]. Group 3: Impact on Venezuela's Oil Industry - Venezuela's oil industry is facing strain due to the crackdown, with reports indicating that the country may be forced to shut in production as storage tanks and port-based tankers reach capacity [5]. - Approximately 11 million barrels of Venezuelan crude are currently stranded at sea, leading to deeper discounts and tougher contract terms from buyers [5]. - The International Energy Agency estimates that Venezuela's crude production has declined to 860,000 barrels per day in November, down from over 1 million bpd in September, with further declines expected [6]. - Analysts warn that in a worst-case scenario, Venezuela could lose up to 500,000 bpd of production if export and diluent supply constraints persist [7].