U.S. Tightens Control of Venezuelan Oil as Chevron Seeks Bigger License and Traders Head to the White House

Overview

• Chevron is negotiating an expanded U.S. license to boost Venezuelan crude exports to its own refineries and sell to third parties after curbs cut shipments to about 100,000 barrels per day in December.
• The White House invited Vitol and Trafigura for Friday talks on marketing Venezuelan barrels as Washington asserts indefinite control over sales and revenue.
• U.S. authorities this week boarded and seized two Venezuela-linked tankers and said the embargo remains in effect for sanctioned cargoes.
• Chinese refiners that lost access to Venezuelan crude are turning to costlier Canadian heavy grades, with a floating stockpile near Asia expected to cover demand for up to two months.
• Executives and analysts warn Venezuela’s heavy, high-sulfur crude, degraded infrastructure, and unresolved corporate claims—ExxonMobil and ConocoPhillips seek about $32 billion—will slow any production rebound.