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News > Venezuela

Chevron To Trade Venezuelan Oil If the US Blockade Relaxes

  • A person works at a Chevron oil refinery.

    A person works at a Chevron oil refinery. | Photo: Twitter/ @2021marysol

Published 15 March 2022

This transnational corporation plans to expand its role in four joint ventures it shares with PDVSA and organize a trading team to market the Bolivarian crude. 

Chevron is getting ready to increase its oil supply by enhancing operations towards Venezuela ahead of the possible easing of U.S. sanctions on this South American country.


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This transnational corporation plans to expand its role in four joint ventures it shares with state-run company Petroleum from Venezuela (PDVSA) and organize a trading team to market the Venezuelan oil under the authorization of the U.S. government.

These measures will revitalize Venezuela's oil sector, whose production reached a value of 2.3 million BPD in 2016 but has been declining permanently due to the U.S. blocked.

U.S. officials have made it clear that any authorization will depend on whether Venezuela's President Nicolas Maduro agrees to political concessions such as setting a date for resuming negotiations with the opposition.

Vice President Delcy Rodriguez welcomed the possibility of reestablishing oil trade with the U.S., but emphasized that Washington must respect her country's sovereignty in order to normalize bilateral economic relations.

"We are ready to engage in an open, diplomatic, and respectful dialogue with the United States for the benefit of both countries,” she stressed. Before the U.S. imposed sanctions, Chevron's joint ventures with PDVSA had produced about 200,000 BPD.

Although a date has not been set for the U.S. to issue the authorization, this company has already began preparations so that its employees get Venezuelan visas in Aruba and travel to negotiate the enhancement of the operations.

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