Chevron has encountered significant disruptions to its Venezuelan oil exports as the state oil company PDVSA has canceled authorizations for at least two of its chartered vessels. This development, according to media sources, stems from the Venezuelan government's uncertainty regarding payment for the crude oil in the face of escalating U.S. sanctions.

The disruption comes after an individual license granted to Chevron by the United States in 2022, allowing it to operate in Venezuela, was revoked in March by the administration of U.S. President Donald Trump. While a wind-down period extending until May 27 was provided, PDVSA's recent actions appear to be accelerating the curtailment of Chevron's operations.

PDVSA abruptly canceled the set-sail authorizations for two Chevron-chartered vessels on Thursday that had already completed loading with Venezuelan crude. Furthermore, loading permits for four additional Chevron tankers were suspended, leading these vessels to depart Venezuelan waters empty on Friday.

The Venezuelan government has attributed the issue directly to the renewed U.S. sanctions, asserting that these measures have prevented Chevron from making payments for the oil. Vice President Delcy Rodriguez conveyed this stance on Telegram, stating, "Because of the economic war initiated by the U.S. government against oil companies, Chevron has returned cargoes of crude to PDVSA. This crude is being sold on international markets."

As of April 11, the Chevron-chartered vessels Dubai Attraction and Carina Voyager remained laden with crude in Venezuelan waters, awaiting the necessary customs paperwork for the return of their cargoes. These cargoes had already been declared for export by Venezuelan customs authorities, necessitating fresh authorization for their return to Venezuelan ports, including Amuay, as requested by PDVSA.

Shipping data revealed that the Carina Voyager was originally destined for Chevron's Pascagoula refinery in Mississippi, while the Dubai Attraction was slated to transfer its cargo to the Valero Energy (VLO.N)-chartered tanker Cap Corpus Christi off the coast of Aruba. The Cap Corpus Christi reportedly departed partially loaded for the United States on Friday, unable to complete its intended ship-to-ship transfer.

Adding to the logistical challenges, four other Chevron vessels – the Pegasus Star, Ionic Anax, Calypso, and Sea Jaguar – which were scheduled to load Venezuelan crude this month, have had their loading windows suspended. Two of these vessels were observed sailing away from Venezuelan waters on Friday.

Neither Chevron, PDVSA, nor Valero have responded to requests for comment regarding these developments. Furthermore, Vice President Rodriguez did not indicate whether PDVSA intended to reschedule the canceled or suspended cargoes.

Chevron, through its joint ventures with PDVSA, accounts for approximately a quarter of Venezuela's total oil output. Under the now-revoked license, the U.S. company had been exporting around 250,000 barrels per day of Venezuelan crude to the United States in the first quarter of this year.