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Chevron Corp. has assembled its largest fleet of vessels in almost a year to ship Venezuelan crude, after the US moved to exert control over the country’s oil sector following the capture of leader Nicolas Maduro.
The oil major, which holds a license to export US-sanctioned crude, sent 15 vessels this month to ship at least 200,000 barrels a day of oil. That compares with nine ships in the previous month and marks the highest total since March, according to shipping reports and vessel movements compiled by Bloomberg.
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Chevron has taken more oil after shipments by the so-called dark fleet vanished, following the US’s pledge to clamp down on illicit oil trading and Maduro’s ouster earlier this year. The US also has enlisted traders Trafigura Group and Vitol Group to help sell as much as 50 million barrels of oil.
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Ship Searover, booked by Chevron, is currently loading Boscan crude oil. Source: Bloomberg
Chevron’s shipments are all bound for US refiners, including Valero Energy Corp. and Phillips 66. Volumes have increased as the Houston-based company takes more oil from its Petroboscan project, a joint venture with state oil producer . Cargoes of Boscan crude account for about half of all shipments.
Chevron said it complies fully with US sanctions.
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