Wedoany.com Report-Apr. 14, Chevron Corp. has been directed to return nearly 1 million barrels of oil to Venezuela’s state-owned company, Petroleos de Venezuela SA (PDVSA), affecting the U.S. company’s plans to secure crude before ceasing operations in the country by a U.S.-set deadline in May 2025. The decision involves two ships, Carina Voyager and Dubai Attraction, currently positioned off Venezuela’s coast.
PDVSA instructed Chevron to bring the vessels back to port and unload their cargo, according to sources familiar with the matter. The Carina Voyager carries 500,000 barrels of Merey 16 oil, loaded at the Jose terminal in Anzoategui state, while the Dubai Attraction holds 350,000 barrels of Boscan oil, a heavy crude from Bajo Grande in Zulia state. Additionally, Chevron canceled plans to load 5 million barrels of oil scheduled for April, as confirmed by individuals who requested anonymity due to the sensitive nature of the information.
Venezuela’s Vice President Delcy Rodriguez addressed the situation, stating: “Chevron has returned crude oil shipments to PDVSA given the impossibility and restrictions imposed on it to pay for them to Venezuela.” She noted that the returned oil would be offered on international markets. The directive aligns with Venezuela’s efforts to manage its oil resources amid operational changes.
The development follows Chevron’s preparations to comply with a U.S. requirement to halt activities in Venezuela by May 27, 2025. Chevron had positioned four additional empty vessels to load oil in the coming days, but these plans were disrupted by PDVSA’s order. The company has not issued a public response to inquiries about the situation, which was initially reported by Reuters.
The oil return involves significant logistics, with the Carina Voyager and Dubai Attraction now set to discharge their loads at Venezuelan ports. The Merey 16 and Boscan oils are key products for PDVSA, with the latter commonly used in asphalt production. The cancellations and returns mark a shift in Chevron’s operations as it navigates the May deadline.
This situation highlights the complexities of international oil transport and contractual obligations. PDVSA’s decision ensures the oil remains available for Venezuela’s market strategies, while Chevron adjusts to the unexpected change. The process is expected to proceed smoothly, with the vessels returning to their respective terminals as instructed, supporting Venezuela’s plans to redirect the crude to global buyers.
