Venezuela’s state oil company, PDVSA, has suspended several authorisations it previously granted to US-based Chevron for loading and exporting Venezuelan crude oil.
The move follows US President Donald Trump’s recent imposition of tariffs on Venezuela’s oil buyers, reported Reuters, citing sources.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
This development comes after Washington cancelled key licences last month for several PDVSA partners including Chevron.
The US Treasury Department has set a deadline of 27 May for companies to wind down operations and complete purchases.
Chevron had been exporting approximately 250,000 barrels per day (bpd) of Venezuelan crude to the US under its licence.
The recent US tariffs, which include a 25% levy on Venezuelan crude and gas buyers, have primarily impacted China, Venezuela’s largest oil recipient.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTwo of the suspended cargoes had already been loaded and will need to be returned to ports, while a third had not yet been loaded, the report said.
Neither PDVSA nor Chevron responded to requests for comment.
The Venezuelan Government, led by President Nicolas Maduro, has rejected the US measures, labelling them an “economic war”.
Loading activities have resumed this week and Chevron’s exports were initially unaffected by the tariffs due to its licence, but the situation has since changed.
In response to US sanctions and tariffs, Venezuela’s national assembly has passed a decree declaring a state of economic emergency.
This decree, signed by President Maduro, allows for measures to boost economic growth, curb inflation and offer special treatment to investors.
Vice President and Oil Minister Delcy Rodriguez emphasised that while the US measures have impacted the economy, oil and gas production continues despite a 30% price drop.
Despite these challenges, Maduro and his allies claim resilience and have historically attributed economic hardships to the sanctions.
A similar decree was signed by Maduro in 2016, extending it through 2021, and it will now be considered by the nation’s supreme court.
Navigate the shifting tariff landscape with real-time data and market-leading analysis.
Request a free demo for GlobalData’s Strategic Intelligence here.
