18 March | Oil

Venezuela's PDVSA gears up for independence on key project following Chevron's exit

Venezuela's PDVSA gears up for independence on key project following Chevron's exit

Venezuela’s state-owned oil company PDVSA has developed three plans to keep its largest joint venture, Petropiar S.A., running after Chevron leaves. The American multinational corporation is ceasing operations in the Orinoco Belt due to its US license expiring soon. This permit was issued back in 2022. 

Following Chevron's exit, PDVSA aims to independently maintain heavy oil production (Hamaca) in the country between 105,000 and 138,000 barrels per day. With limited access to the US market, some crude will go to local refineries, while the rest will be exported. Beyond the stated targets, the company is about to process by-products such as vacuum gas oil (VGO) to pump out low octane fuel across Venezuela.

To keep the project running smoothly, PDVSA will use imported naphtha and other resources. It is also adjusting logistics to reduce dependence on complicated domestic transportation. The corporation’s main goal is to maintain current production levels and avoid shutdowns of project facilities.

Period: 17.09.2025 Expectation: 500 pips
Buying SPX on 0.5% Fed rate cut
Today at 11:38 AM 117
Period: 24.09.2025 Expectation: 1500 pips
USDCAD is set to fall ahead of interest rate decisions
Today at 10:57 AM 96
Period: 23.09.2025 Expectation: 500 pips
NVIDIA shares approach gap closure at $170.50
Today at 10:26 AM 90
Period: 31.12.2025 Expectation: 200 pips
Buying NVIDIA shares with $195 in view
Today at 08:54 AM 28
Period: 24.09.2025 Expectation: 1300 pips
EURUSD is expected to correct after Fed announces rate decision
Today at 07:14 AM 100
Period: 23.09.2025 Expectation: 3000 pips
Buying Bitcoin with $118,800 target amid consolidation
Yesterday at 10:53 AM 252
Go to forecasts