Latest news with #US Treasury Department
Reuters
3 days ago
- Business
- Reuters
First two Venezuelan oil cargoes by Chevron after license depart to US
Aug 15 (Reuters) - The first two cargoes of Venezuelan oil exported by energy major Chevron (CVX.N), opens new tab after it received a fresh U.S. authorization to operate in the country last month have set sail for the United States, vessel monitoring data showed on Friday. The U.S. Treasury Department granted Chevron a new license in late July allowing it to operate in the sanctioned South American country and export its oil, a policy shift from more strict rules the Trump administration had imposed earlier this year. The Chevron-chartered tankers MediterraneanVoyager and Canopus Voyager departed from Venezuelan waters on Friday carrying cargoes of Hamaca and Boscan heavy crudes to U.S. refineries, according to LSEG data and exports records from state company PDVSA. One of the vessels was heading to the U.S. West Coast, while the other was navigating to Port Arthur, Texas, with estimated date of arrival next week, the data showed. Chevron is separately negotiating the reactivation of a supply agreement with Valero Energy (VLO.N), opens new tab that could give the U.S. refiner a portion of Chevron's entitled cargoes of Venezuelan crudes, which are popular among U.S. Gulf refiners, sources have said. Chevron has said it conducts its business globally in compliance with applicable laws and regulations, as well as the U.S. sanctions frameworks. The company's chief executive, Mike Wirth, earlier this month said exports from Venezuela would resume in small volumes. Chevron exported some 252,000 barrels per day (bpd) of Venezuelan oil to the U.S. in the first quarter, about 29% of the OPEC country's total.
Times of Oman
6 days ago
- Business
- Times of Oman
US national debt tops $37 trillion for the first time
Washington: The US national debt has exceeded $37 trillion for the first time in the country's history. Data released by the US Treasury Department yesterday "Tuesday" showed gross national debt reaching $37.005 trillion. According to the Congressional Budget Office, federal debt could climb to $54 trillion within a decade, driven by rising healthcare costs, an aging population, and the impact of elevated interest rates, which are increasing debt service burdens. Credit rating agencies have warned of the deteriorating fiscal outlook. In mid-2023, Fitch Ratings downgraded the US's long-term credit rating from AAA to AA+, citing worsening financial conditions and persistent political gridlock. In May 2025, Moody's followed suit, cutting its rating from Aaa to Aa1 and projecting that interest payments could surge from 9% of federal revenues today to 30% by 2035. Federal debt has surged in recent years, fuelled by massive pandemic relief and stimulus measures under successive administrations. The Biden administration added about $4.8 trillion by September 2022, including $1.85 trillion for the American Rescue Plan and $370 billion for infrastructure projects. Under the former Trump administration, the debt grew by $7.5 trillion during his first term, with the COVID-19 crisis pushing the fiscal 2020 deficit to a record $3.1 trillion, followed by more than $2.7 trillion in 2021. The scale of the increase is striking: four decades ago, US federal debt totalled $907 billion. Today, interest payments in the current fiscal year -- which began in October -- have already outstripped combined spending on Medicare and the defense budget.
