US to Receive 1st Crude Oil from Venezuela in 4 Years

Chevron Corp, an American oil firm, is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the US in nearly four years, Reuters reported.

Yesterday, a Chevron-chartered vessel approached the South American country's waters to pick up a cargo of Venezuelan crude.

Additionally, the second tanker, which carries a cargo of diluents to a Chevron oil joint venture, is set to arrive in Venezuela early next month, according to a source.

Last month, Washington issued a six-month license to Chevron authorizing it to take an expanded role at four Venezuelan oil joint ventures that produce, process, and export oil, and to bring their oil to the US.

Accordingly, the license will reopen oil flows that were shut by US sanctions around four years ago. It also marked one of Washington's first steps to ease sanctions as an incentive for Venezuela to work with opposition leaders on a presidential election in late 2023.

Meanwhile, a Chevron spokesman declined to comment, citing a policy of not discussing commercial matters.