Latest news with #Boscan
Yahoo
03-06-2025
- Business
- Yahoo
Venezuela's oil exports stable as buyers in China receive more
(Reuters) -Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions. The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron, due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China. U.S. President Donald Trump's administration has increased pressure on Venezuela amid complaints about what U.S. officials have called the OPEC country's lack of progress towards electoral reforms and migrant returns. President Nicolas Maduro's government rejects the sanctions and has said they amount to an "economic war" against Venezuela. The U.S. energy sanctions have been in place since 2019 and companies abiding by them need U.S. authorization to export Venezuela's oil or do business with PDVSA. In May, a total of 30 vessels departed from Venezuelan waters carrying an average 779,000 barrels per day of crude and refined products, and 291,000 metric tons of oil byproducts and petrochemicals, according to the data and documents. In April, the South American country had exported 783,000 bpd of crude and fuel as sales to U.S.-authorized customers began to fall, down from 850,000-900,000 bpd in previous months. In May 2024, oil exports averaged 770,000 bpd, according to the data. China was the largest receiver of Venezuela's oil last month with some 584,000 bpd, above the 521,000 bpd of April. The U.S. received some 140,000 bpd, slightly more than the 130,000 bpd of the previous month. PDVSA did not deliver any cargoes to Chevron or India's Reliance Industries in May, but a large oil swap with joint-venture partner Maurel & Prom and trading house Vitol was completed as planned, marking the last U.S.-authorized deal before the license expirations. The Venezuelan state firm began exporting Boscan heavy crude on its own to Asia, the documents showed. The grade jointly produced with Chevron was feeding U.S. refiners before the license expirations. PDVSA and Reliance did not immediately reply to requests for comment. Vitol and M&P declined to comment. Chevron last week confirmed its license for Venezuela had expired and said its presence in the country remained "in compliance with all applicable laws and regulations," including the U.S. sanctions framework. Venezuela increased fuel imports to some 159,000 bpd in May from 94,000 bpd in April, the data showed, a move to replenish stocks of the heavy naphtha PDVSA needs to dilute its extra heavy output ahead of the reinforcement of U.S. sanctions.
Reuters
03-06-2025
- Business
- Reuters
Venezuela's oil exports stable as buyers in China receive more
June 3 (Reuters) - Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions. The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron (CVX.N), opens new tab, due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China. U.S. President Donald Trump's administration has increased pressure on Venezuela amid complaints about what U.S. officials have called the OPEC country's lack of progress towards electoral reforms and migrant returns. President Nicolas Maduro's government rejects the sanctions and has said they amount to an "economic war" against Venezuela. The U.S. energy sanctions have been in place since 2019 and companies abiding by them need U.S. authorization to export Venezuela's oil or do business with PDVSA. In May, a total of 30 vessels departed from Venezuelan waters carrying an average 779,000 barrels per day of crude and refined products, and 291,000 metric tons of oil byproducts and petrochemicals, according to the data and documents. In April, the South American country had exported 783,000 bpd of crude and fuel as sales to U.S.-authorized customers began to fall, down from 850,000-900,000 bpd in previous months. In May 2024, oil exports averaged 770,000 bpd, according to the data. China was the largest receiver of Venezuela's oil last month with some 584,000 bpd, above the 521,000 bpd of April. The U.S. received some 140,000 bpd, slightly more than the 130,000 bpd of the previous month. PDVSA did not deliver any cargoes to Chevron or India's Reliance Industries ( opens new tab in May, but a large oil swap with joint-venture partner Maurel & Prom ( opens new tab and trading house Vitol was completed as planned, marking the last U.S.-authorized deal before the license expirations. The Venezuelan state firm began exporting Boscan heavy crude on its own to Asia, the documents showed. The grade jointly produced with Chevron was feeding U.S. refiners before the license expirations. PDVSA and Reliance did not immediately reply to requests for comment. Vitol and M&P declined to comment. Chevron last week confirmed its license for Venezuela had expired and said its presence in the country remained "in compliance with all applicable laws and regulations," including the U.S. sanctions framework. Venezuela increased fuel imports to some 159,000 bpd in May from 94,000 bpd in April, the data showed, a move to replenish stocks of the heavy naphtha PDVSA needs to dilute its extra heavy output ahead of the reinforcement of U.S. sanctions.
Yahoo
03-06-2025
- Business
- Yahoo
Venezuela's oil exports stable as buyers in China receive more
(Reuters) -Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions. The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron, due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China. U.S. President Donald Trump's administration has increased pressure on Venezuela amid complaints about what U.S. officials have called the OPEC country's lack of progress towards electoral reforms and migrant returns. President Nicolas Maduro's government rejects the sanctions and has said they amount to an "economic war" against Venezuela. The U.S. energy sanctions have been in place since 2019 and companies abiding by them need U.S. authorization to export Venezuela's oil or do business with PDVSA. In May, a total of 30 vessels departed from Venezuelan waters carrying an average 779,000 barrels per day of crude and refined products, and 291,000 metric tons of oil byproducts and petrochemicals, according to the data and documents. In April, the South American country had exported 783,000 bpd of crude and fuel as sales to U.S.-authorized customers began to fall, down from 850,000-900,000 bpd in previous months. In May 2024, oil exports averaged 770,000 bpd, according to the data. China was the largest receiver of Venezuela's oil last month with some 584,000 bpd, above the 521,000 bpd of April. The U.S. received some 140,000 bpd, slightly more than the 130,000 bpd of the previous month. PDVSA did not deliver any cargoes to Chevron or India's Reliance Industries in May, but a large oil swap with joint-venture partner Maurel & Prom and trading house Vitol was completed as planned, marking the last U.S.-authorized deal before the license expirations. The Venezuelan state firm began exporting Boscan heavy crude on its own to Asia, the documents showed. The grade jointly produced with Chevron was feeding U.S. refiners before the license expirations. PDVSA and Reliance did not immediately reply to requests for comment. Vitol and M&P declined to comment. Chevron last week confirmed its license for Venezuela had expired and said its presence in the country remained "in compliance with all applicable laws and regulations," including the U.S. sanctions framework. Venezuela increased fuel imports to some 159,000 bpd in May from 94,000 bpd in April, the data showed, a move to replenish stocks of the heavy naphtha PDVSA needs to dilute its extra heavy output ahead of the reinforcement of U.S. sanctions. Sign in to access your portfolio
Yahoo
28-04-2025
- Business
- Yahoo
Tankers queue near old Venezuela oil port ahead of US license expiry, data shows
(Reuters) -Tankers are lining up near an old oil port at Venezuela's Western region to load crude cargoes and depart from the South American country before a May 27 deadline set by the U.S. to wind down operations and exports, according to documents and data. U.S.-sanctioned Venezuela is set to inaugurate this month exports of a new crude grade, Blend 22, to lure customers even after the expiration of licenses Washington had granted to companies in the U.S., India and Europe to carry Venezuelan oil exports. Because the grade is a blend of crudes produced by state-owned oil company PDVSA at its Western fields, exports must be shipped from La Salina, an aging and deteriorated terminal on the shores of Lake Maracaibo where tankers often get their hulls stained when docking due to oil leaking from submarine pipelines. Vessels also cannot load more than 350,000 barrels of crude in that area because of Lake Maracaibo's lack of dredging. Most PDVSA customers typically avoid La Salina, but as the deadline approaches for buyers taking Venezuelan oil cargoes under U.S. licenses, some have taken the risk of loading there, which has begun triggering delays and a bottleneck of tankers waiting at Maracaibo's anchorage, the documents and ship monitoring data showed. A vessel chartered by trading house Vitol to load a 250,000-barrel cargo of Blend 22 allocated by PDVSA to France's Maurel & Prom is having its hull cleaned this week after it completed loading last week, according to one of the documents. The companies are scheduled to take a similar cargo after that as part of an oil swap that involves heavy naphtha for Venezuela, and three more could follow pending an agreement with PDVSA, according to a source close to the talks. The neighboring Bajo Grande terminal, which was used by Chevron to ship crude from one of its joint ventures before PDVSA this month canceled the cargoes it had allocated to the U.S. firm, is now being used by the state company to load Boscan heavy crude for floating storage, the documents showed. Of about a dozen vessels Chevron had near Venezuelan ports earlier this month before the cargo cancellations, five remain close to Aruba waiting for directions, while the others were sent to pick up cargoes elsewhere, according to LSEG ship data. PDVSA, M&P and Chevron did not immediately reply to requests for comment. Vitol declined to comment. President Nicolas Maduro's government has criticized Washington's hardening of sanctions on the country and said the measures amount to an "economic war."
Yahoo
23-04-2025
- Business
- Yahoo
Tankers chartered by Chevron to move Venezuelan crude seek other business
By Arathy Somasekhar HOUSTON (Reuters) -Some tankers Chevron had chartered to move crude from Venezuela to the United States this month are now being marketed for spot contracts elsewhere, sources said, after state company PDVSA canceled loading permits and ordered the firm to return cargoes amid payment uncertainty related to sanctions. The marketing of the vessels indicates that Chevron does not expect to load all the cargoes it typically ships from Venezuela in a month even if it eventually finds a way to resolve the disagreement with PDVSA. Tanker Sea Dragon, which had discharged Venezuela's Boscan heavy crude in Philadelphia, was being marketed by Agelef Maritime Services, two sources familiar with the matter said. Chevron was marketing vessel Andromeda, which earlier this month discharged Venezuelan Hamaca crude at Port Arthur, the sources added. At least six more tankers Chevron had chartered to carry Venezuelan crude to the U.S. in coming weeks as part of the wind down of its U.S. license through May 27 were stalled in the Caribbean Sea waiting for directions after PDVSA last week ordered two cargoes to be returned and canceled loading permits to others, cutting the deadline short. As of Wednesday, Chevron-chartered tanker Dubai Attraction, which finished loading some 300,000 barrels of Venezuelan Boscan crude in early April, was still awaiting customs paperwork to return its cargo, according to ship tracking data and sources. Carina Voyager, managed by a Chevron unit, was near Aruba after returning its 500,000-barrel cargo to PDVSA last week, LSEG shipping data showed. Sea Jaguar's loading window at Venezuela's Jose terminal, originally scheduled for mid-April, was canceled by PDVSA, according to a document seen by Reuters. The ship was on Wednesday hovering around Aruba, according to tracking data. PDVSA and Chevron did not reply to requests for comment. Other tankers chartered by trading house Vitol were loading and discharging normally at Venezuelan ports, according to the data and documents, while vessels chartered by Reliance Industries for India delivery and Maurel & Prom for Europe departed on schedule, ahead of the May 27 deadline to wind down cargoes and operations. Sign in to access your portfolio
