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EN
US Halves Chevron Exports of Venezuelan Oil
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World Energy News
The Treasury Department in late July issued a restricted authorization allowing Chevron to operate in the sanctioned country and export oil to the U.S., but it banned payments in any currency to the government of President Nicolas Maduro.
Chevron's partner, state oil company PDVSA, is in control of the barrels delivered to comply with the in-kind payments, using them either for domestic refining or export, they added.
With a limited volume of oil for exports under the new arrangement, the pace of repayment has slowed.
The company is also dealing with restrictions affecting its joint ventures' operational and capital expenses, the people added.
In August, Chevron resumed exports of Venezuelan oil to the U.S. after a 4-month pause, shipping some 60,000 bpd that month.
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