Oil loading at Venezuelan ports slows amid new US restrictions

According to Reuters, loading of heavy crude in Venezuelan ports slowed significantly this week after the introduction of new US tariffs and the reduction of Chevron's fleet.

Earlier, Donald Trump imposed 25% tariffs on trade with the United States for countries that buy oil from Venezuela. He also extended the deadline for Chevron to wind down its operations in the South American country until the end of May. These measures have put significant pressure on other buyers of Venezuelan crude, including China.

The situation is becoming difficult at the country's main oil port, Reuters reports. Berths are empty and many ships are unable to start loading, causing delays. The new US tariffs have left buyers in a state of uncertainty. Coupled with the American requirements, this has forced Chevron to reduce the number of chartered ships it uses to transport oil from Venezuelan waters.

The South American country exported about 910,000 barrels of oil and fuel per day last month. At the same time, Chevron noted a decline in the volume of its overseas shipments: 252,000 barrels per day in February, down from 294,000 in January.