Illicit oil trading
Search documents
Chevron Amasses Largest Fleet in Almost a Year to Ship Venezuelan Oil
Yahoo Finance· 2026-01-26 17:01
Core Viewpoint - Chevron Corp. is significantly increasing its oil shipments from Venezuela, utilizing its largest fleet in nearly a year, following U.S. efforts to control the country's oil sector after the ousting of leader Nicolas Maduro [2][3]. Group 1: Fleet and Shipments - Chevron has dispatched 15 vessels this month to transport at least 200,000 barrels of oil per day, a notable increase from nine ships in the previous month and the highest number since March [3]. - The increase in shipments follows the disappearance of the so-called dark fleet, as the U.S. has committed to cracking down on illicit oil trading [3]. Group 2: Partnerships and Compliance - The U.S. has engaged traders such as Trafigura Group and Vitol Group to assist in selling up to 50 million barrels of oil [3]. - Chevron's shipments are directed to U.S. refiners, including Valero Energy Corp. and Phillips 66, with Boscan crude oil from its Petroboscan project accounting for about half of all shipments [4]. - Chevron asserts full compliance with U.S. sanctions [5].