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Chevron, Valero in talks to reactivate supply agreement on Venezuelan oil to US, sources say
https://www.reuters.com/business/energy/chevron-valero-talks-reactivate-supply-agreement-venezuelan-oil-us-sources-say-2025-08-05/Chevron, Valero in talks to reactivate supply agreement on Venezuelan oil to US, sources say
By Marianna Parraga and Arathy Somasekhar
August 5, 2025 12:31 PM EDT
HOUSTON, Aug 5 (Reuters) - Chevron and Valero Energy are working to resume supplies of Venezuelan crude to Valero's U.S. refineries under an agreement that was on pause, three sources close to the preparations said on Tuesday, following a new license granted to the U.S. oil major.
Washington in late July issued a new restricted authorization for Chevron to operate, swap oil and export crude from sanctioned Venezuela in a policy shift following a prisoner swap. The U.S. producer last week said it expected to resume oil shipments this month, starting with a small volume.
As Chevron waits for Venezuelan state company PDVSA to allocate cargoes for August delivery, Chevron and Valero are negotiating details of their agreement, including resuming a ship-to-ship operation off the Caribbean island of Aruba.
Valero's cargo transfer off Aruba could restart as soon as this month, following mandatory inspections and vessel contracts in negotiation, one of the sources said.
…
Wait! I thought we had like infinite supplies of domestic oil thanks to fracking!By Marianna Parraga and Arathy Somasekhar
August 5, 2025 12:31 PM EDT
HOUSTON, Aug 5 (Reuters) - Chevron and Valero Energy are working to resume supplies of Venezuelan crude to Valero's U.S. refineries under an agreement that was on pause, three sources close to the preparations said on Tuesday, following a new license granted to the U.S. oil major.
Washington in late July issued a new restricted authorization for Chevron to operate, swap oil and export crude from sanctioned Venezuela in a policy shift following a prisoner swap. The U.S. producer last week said it expected to resume oil shipments this month, starting with a small volume.
As Chevron waits for Venezuelan state company PDVSA to allocate cargoes for August delivery, Chevron and Valero are negotiating details of their agreement, including resuming a ship-to-ship operation off the Caribbean island of Aruba.
Valero's cargo transfer off Aruba could restart as soon as this month, following mandatory inspections and vessel contracts in negotiation, one of the sources said.
…