Posted on 03/04/2025 1:55:37 PM PST by DFG
The Trump administration on Tuesday gave Chevron 30 days to stop oil production in Venezuela after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.
President Trump reversed a Biden-era license that allowed the oil giant to operate in Venezuela despite US sanctions – a U-turn from January when the White House appeared to be making progress with Maduro.
The Treasury Department gave the US-based oil giant an April 3 deadline to pull up stakes, much quicker than the usual six-month wind-down period.
“Closing down Chevron’s operations in a month is an almost impossible task,” Geoff Ramsey, senior fellow at the Atlantic Council in Washington, told Bloomberg. “I would bet the administration is leaving space for the license to be renewed in April, if new terms are negotiated.”
In a statement, Chevron said its business in Venezuela complies with all laws and regulations, including the United States’ sanctions imposed during Trump’s first term.
“We are aware of the President’s directive and will abide by any direction given by the US Treasury Department to implement that directive,” a Chevron spokesperson told The Post.
The hard stop to Chevron’s oil production in Venezuela could eventually remove up to 200,000 barrels a day from the global market, according to Bloomberg.
It’s unlikely to have an immediate impact on prices, especially since OPEC decided this week to boost production – planning to increase output by 138,000 barrels per day in April.
(Excerpt) Read more at nypost.com ...
Strong man create the conditions for peace.
Venezuela has the highest proven oil reserves, but it's 20th in how much it pumps, not even a million barrels a day. Because their oil infrastructure is so bad.
“almost impossible” means it is possible.
LOL. Chevron will probably create a Venezuelan subsidiary, staff it with Brits and Kazakhs, and call it compliance.
plus they pretty much have only tar-like petroleum which requires dilution with naphtha to pump it and transport it, AND because Maduro’s credit is nil,they have to buy naphtha COD only ... i’m assuming the Chevron setup doesn’t have these same problems ...
Good
Cuz it is basically tar.
Petróleos de Venezuela (PDVSA) used to own the 335,000 bbl/day refinery on Curaçao, only 30 miles offshore of Venezuela. They still supply it with crude oil and have close relations with the new operators (Hong Kong’s Oryx Alliance) and the Curaçao government.
So it would be simple enough to buy Venezuelan gasoline from the Curaçaoans.
Venezuela s oil is low quality
Well...that didn’t take long:
US deportation flights to Venezuela resume following weeks-long standoff
Fox News ^ | 3/23/25 | Julia Bonavita
Deportation flights to Venezuela resumed on Sunday after a weeks-long standoff between the Trump administration and the Venezuelan government, signaling a deal had been reached between the two countries....
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