Chevron cuts Venezuelan oil prices after U.S. seizes tanker
(Bloomberg) – Chevron Corp. lowered the price of Venezuelan crude offered to U.S. refiners after a tanker was seized by American forces in the Caribbean and as global prices drifted lower.
The oil supermajor sold a batch of Venezuelan oil on Dec. 11 — a day after U.S. forces seized a vessel off the country’s coast — at weaker prices compared than a batch offered on Monday, according to people with knowledge of the situation.
The administration of President Donald Trump is stepping up pressure on Venezuela by targeting oil revenues critical to the survival of Nicolas Maduro regime.
The seized vessel, the Skipper, is currently near the Dominican Republic and appeared to be en route to the U.S., according to vessel movements tracked by Bloomberg. While it’s unclear when the ship will be able to discharge, it’s expected arrival is pressuring already weak prices in the Gulf Coast market, the people said, asking not to be named because the information is private.
Chevron’s operations in Venezuela continue in full compliance with laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the U.S. government, the Houston-based company said in a statement.
The company sold about 10 oil cargoes of different grades for loading next month, in a sign that it’s pressing ahead despite heightened tensions between the two countries. The cargoes were sold in two separate tenders and price levels were not immediately available.
