Chevron competes with rivals for Venezuelan oil sales, sources say

Reuters reports Chevron, Vitol and other traders are vying for U.S. licenses to export Venezuelan crude as they negotiate with U.S. officials; Vitol has a preliminary 18-month special license and Chevron is seeking expanded authorization.

Reuters reports that Chevron, Swiss traders Vitol and Trafigura and other producers and refiners are competing to win deals to export Venezuelan crude. The companies are pursuing U.S. licenses to do business with Venezuela. The article says these moves come after the U.S. capture of Nicolás Maduro and an announced initial $2 billion oil supply deal. Talks are continuing between industry participants and U.S. officials about licensing and marketing arrangements. Known details: - Chevron, Vitol, Trafigura and other traders, producers and refiners are competing to secure U.S. permissions to export Venezuelan crude, Reuters reported. - Chevron is currently the only foreign firm with U.S. authorization to export Venezuelan oil and has asked Washington to expand its license after restrictions were applied last year. - Sources said Chevron has proposed increasing exports from its joint ventures for third-party sales and trading at least a portion of state-run PDVSA's individual output. - Under a broad 2022 deal Chevron was able to operate in Venezuela with PDVSA and recover billions in pending debt, but restrictions have reduced its exports to about 100,000 barrels per day in December. - Vitol has received a preliminary special 18-month license to begin negotiations, and Vitol and Trafigura were expected to be at the White House for talks on marketing Venezuelan oil. - PDVSA said negotiations related to the oil supply deal with the U.S. were progressing; Reuters said Chevron, PDVSA and the White House did not immediately comment. Summary: The competing bids could alter which companies are authorized to export and market Venezuelan crude, subject to U.S. licensing decisions. White House meetings and further negotiations are scheduled, and the outcome of the license requests is undetermined at this time.