US-authorized buyers of Venezuelan oil complete transactions as licenses expire
The U.S. Treasury and State departments gave companies including Chevron (CVX.N), opens new tab, Maurel & Prom (MAUP.PA), opens new tab and Repsol (REP.MC), opens new tab until May 27 to receive cargoes of Venezuelan crude, fuel and byproducts as authorizations granted in recent years were revoked in March as part of the Trump administration's harder stance towards the sanctioned country.
A recent large swap deal between Venezuela's state company PDVSA, M&P and commodities firm Vitol was completed, with naphtha supplies discharged at PDVSA's Jose port and vessels carrying Venezuelan heavy crude setting sail to the U.S., the data showed.
Other customers also received in recent days their last cargoes ahead of the wind-down deadline.
PDVSA in April canceled cargoes scheduled for delivery to one of its main joint-venture partners, Chevron, citing payment uncertainties related to U.S. sanctions, which cut short the deadline set to complete those transactions.
Chevron's broad license to operate in Venezuela ended on Tuesday, the company confirmed. However, the U.S. producer received guidelines from the Trump administration allowing it to preserves its stakes, assets and staff in Venezuela, sources told Reuters.
PDVSA, Vitol, M&P and Chevron did not immediately reply to requests for comment.
As buyers have completed and ceased deals, there has been a reduction of crude sales to U.S.-authorized companies since last month, partially offset by an increase in oil and fuel deliveries to little-known intermediaries allocating Venezuela-origin cargoes in Asia, the data and documents showed.
Without the licenses, analysts are forecasting a 15-30% decline of Venezuela's oil output and exports by the end of next year, following a slow recovery that had pushed average crude output to around 1 million barrels per day (bpd) this year.
The government of President Nicolas Maduro rejects the sanctions. Officials have said they amount to an "economic war."
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