Chevron Crude Shipments from Venezuela Halted Amid U.S. Sanctions Shift

Venezuela’s state oil firm PDVSA has revoked multiple authorizations previously granted to Chevron (NYSE: CVX), halting the U.S. company's planned crude oil exports from Venezuela in April, according to three sources familiar with the matter. The move follows a tightening of U.S. sanctions and a new 25% tariff on Venezuelan oil and gas imports imposed earlier this month, which Washington said targets Caracas but could also significantly impact China, Venezuela's largest oil buyer.

Chevron, which had been operating under a U.S. Treasury license allowing it to export around 250,000 barrels per day of Venezuelan crude, had not previously been affected by the new tariffs. However, the cancellation of these authorizations has disrupted that flow. At least two tankers had already loaded crude and may now have to return to port, while a third shipment was stopped before loading.

The U.S. Treasury had already rescinded licenses last month for several PDVSA partners, including Chevron, with a deadline of May 27 to complete operations. This latest action from PDVSA further complicates efforts to wind down business dealings under the tightened sanctions regime.

The government of Venezuelan President Nicolás Maduro condemned the U.S. measures, calling them part of an ongoing “economic war.” PDVSA and Chevron have not commented publicly on the cargo cancellations or whether the shipments will be rescheduled.

Though Chevron’s cargoes were initially shielded from the U.S. tariff due to its special license, the recent PDVSA decision has now placed its operations at risk, highlighting escalating geopolitical tensions and their direct impact on global oil markets.