Chevron Corp has lowered prices for Venezuelan crude oil offered to U.S. refiners following last week’s seizure of an oil tanker by American forces off Venezuela’s coast, as the incident pressures an already weak Gulf Coast market.
The company sold a batch of Venezuelan oil on Dec. 11, one day after the U.S. seized the tanker Skipper off Venezuela’s coast, at weaker prices compared to a previous offering, according to market sources. The seized vessel carrying approximately 1.1 million barrels of crude was near the Dominican Republic and appeared to be en route to the United States.
While it remains unclear when the Skipper will be able to discharge its cargo, its expected arrival is adding pressure to Gulf Coast oil prices, traders said.
EXPORTS PLUMMET
Chevron sold approximately 10 oil cargoes of different Venezuelan grades for loading next month, in a sign the company is pressing ahead with operations despite heightened U.S.-Venezuela tensions, though specific price levels were not disclosed.
Venezuelan oil exports have plummeted since the seizure, according to shipping data and maritime sources. The Guardian reported that oil tanker movements in and out of Venezuelan waters came to a near standstill after U.S. forces seized the vessel and Washington imposed fresh sanctions on shipping companies doing business with Caracas.
An estimated 11 million barrels of oil and fuel are currently stuck in Venezuelan waters as the threat of additional U.S. seizures looms, according to shipping data.
The Dec. 10 seizure of the Skipper marked the first U.S. capture of Venezuelan oil cargo since sanctions were imposed in 2019. President Donald Trump authorized the action as part of his administration’s pressure campaign against Venezuelan President Nicolás Maduro, whom the U.S. has charged with narcoterrorism.
Chevron holds a U.S. license to operate in Venezuela and has been one of the few Western companies still producing and exporting Venezuelan crude. The company has not commented on the pricing adjustments.
The tanker seizure and resulting export disruptions come as the Trump administration escalates military and economic pressure on Maduro’s government, with the USS Gerald R. Ford carrier strike group deployed to the Caribbean as part of what Washington frames as a counter-narcotics operation.
