Chevron continues to ship Venezuelan oil while Chinese loading is on hold

Shipping data shows Chevron was the only company loading crude for export from Venezuela on Jan. 6, while PDVSA's operations to load cargoes for Chinese buyers were paused for a fifth day.

Venezuela was reported to be loading crude only for U.S. oil company Chevron on Tuesday, while operations by state-run PDVSA to load cargoes for its main Chinese customers remained paused. U.S. forces reportedly captured President Nicolas Maduro on Saturday and transferred him to New York to face drug charges, and an interim government led by Delcy Rodriguez is now running the country. Washington has imposed a blockade on sanctioned tankers that has halted most exports other than those destined for Chevron. The report cites ship monitoring data and PDVSA internal documents for these details. Key facts: - U.S. forces captured President Nicolas Maduro and transferred him to New York to face drug charges; an interim president is overseeing the government, the report said. - Shipping data showed vessels chartered by Chevron were the only ships loading crude for export at Venezuela's Jose and Bajo Grande ports on Jan. 6. - PDVSA's loading operations for Chinese customers were paused for a fifth day, and onshore storage was reported to be nearly full. Summary: The situation has narrowed Venezuela's export activity to shipments linked to Chevron while other loading operations remain suspended. Documents cited in the report indicate PDVSA could face the need to deepen production cuts if storage constraints continue. Undetermined at this time.