Chevron Corp. has been instructed to return the vessels Carina Voyager and Dubai Attraction, which are currently anchored off the coast of Venezuela, to Petroleos de Venezuela SA (PDVSA). This development poses a significant challenge for the oil giant, which was attempting to secure crude supplies prior to the impending U.S. sanctions deadline in May.
Venezuela’s Vice President Delcy Rodriguez stated on Friday evening that Chevron has returned crude oil shipments to PDVSA due to the restrictions and difficulties in making payments to Venezuela. She noted that the crude would be sold in international markets.
Additionally, all remaining shipments that Chevron had planned to load this month, totaling approximately 5 million barrels of crude oil, have been canceled, according to sources who requested anonymity due to the sensitive nature of the information.
Chevron has not provided any comments regarding this situation. This news was initially reported by Reuters.
This action occurs amid the U.S. government’s apparent reversion to a “maximum pressure” approach towards Venezuela, with the Trump administration expressing strong disapproval 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.
The Carina Voyager is carrying 500,000 barrels of the flagship Merey 16 oil, while the Dubai Attraction contains 350,000 barrels of Boscan oil, a heavy crude utilized in asphalt production. The former was loaded at the PDVSA terminal in Jose, Anzoategui state, and the latter in Bajo Grande, Zulia state. The Venezuelan government’s unexpected decision appears to have caught Chevron off guard.
SOURCE: World Oil