Chevron Corp. faces a significant setback as it is ordered to return nearly 1 million barrels of Venezuelan oil to Petroleos de Venezuela SA (PDVSA).
The decision arises as Chevron aims to secure crude supplies before U.S. sanctions take full effect, with a deadline looming in May.
The U.S. government’s renewed pressure on Venezuela complicates Chevron’s operations in the region.
According to sources, PDVSA instructed Chevron to return the vessels Carina Voyager and Dubai Attraction, which are currently positioned off the coast of Venezuela.
In addition, all scheduled cargoes for May, amounting to 5 million barrels of crude oil, have been canceled, intensifying the challenges Chevron faces in its efforts to wind down operations in the country.
This development underscores the heightened tensions surrounding Venezuela’s oil industry, particularly as the U.S. government reinstates a stringent approach toward the regime of President Nicolas Maduro.
As Chevron navigates these complexities, the future of its endeavors in Venezuela remains uncertain.