The U.S. government is preparing to impose new measures as soon as next week to ...
- The U.S. government is preparing to impose new measures as soon as next week to stifle Venezuela’s oil exports, including a move not to renew Chevron Corp’s license to do business with state-run company PDVSA, sources familiar with the matter said.
Venezuela’s oil exports have dropped by one-third since then, but more than a year on, Maduro remains in power, backed by Venezuela’s military as well as Russia, China and Cuba. Now, U.S. officials are targeting oil-for-fuel swaps and loan repayments through oil deliveries, threatening to close off the last areas left open by the government for firms still dealing with PDVSA.
“Chevron is a positive presence in Venezuela,” Fohr said. The company’s share of production from its joint ventures with PDVSA averaged some 35,300 barrels of oil equivalent per day in 2019, representing about 6% of the country’s total production. Buyers in China, India and Europe continued importing after sanctions last year, so Venezuela’s oil exports did not fall as much as some U.S. officials expected. Washington recently said it will go after customers in Asia, as well as intermediary firms that have helped hide the origin of the crude.
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