Venezuela’s oil exports surged in February to their highest level since November, coinciding with the U.S. decision to revoke Chevron’s operational license. The state energy company PDVSA exported an average of 934,465 barrels per day, with China remaining the largest importer. Analysts suggest an increase in reliance on intermediaries for oil trading as direct shipments to the U.S. decline due to sanctions.

In February, Venezuela recorded a notable increase in its crude and fuel exports, reaching levels unseen since November, as evidenced by vessel monitoring data. This rise occurs amidst the impending termination of a crucial license enabling Chevron to operate and export oil from Venezuela. The recent license granted to Chevron in late 2022 had facilitated its operations, yielding significant revenue for President Nicolas Maduro’s administration.

In summary, Venezuela’s oil exports rose in February, attributed largely to Chevron’s activities prior to the termination of its operational license by the U.S. The country’s reliance on Chinese intermediaries is expected to intensify, reducing direct shipments to Chevron. The situation poses challenges for U.S. refiners of heavy crude, particularly amidst trade tensions with other oil-exporting nations.

Original Source: money.usnews.com

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