19 May 2025 | Oil

Venezuela's PDVSA launches independent oil exports following Chevron split

Venezuela's PDVSA launches independent oil exports following Chevron split

Venezuela's state-owned company, PDVSA, has started to independently export Boscan heavy crude oil, which was previously supplied through Chevron, after terminating its cooperation with the US firm. According to Reuters, PDVSA's decision to end the partnership was driven by issues related to delayed payments, prompting the need for an urgent redistribution of deliveries.

The first tanker, carrying 920,000 barrels of oil, was dispatched to Malaysia, which is serving as a transshipment point for subsequent exports to Chinese buyers. This move has enabled PDVSA to reduce its growing stockpile of fuel. Despite operating under heavy US sanctions, the company swiftly reorganized its logistics and identified alternative supply routes to keep its exports.

President Nicolas Maduro, an outspoken opponent of American limitations, has articulated his backing for PDVSA's actions. Reuters reports that the US Treasury's restrictions on Chevron's operations in Venezuela have only spurred the development of independent oil exports, compelling the state-owned company to explore new markets.

Period: 12.06.2026 Expectation: 400 pips
Invest in Brent crude up to $102
05 June 2026 52
Period: 12.06.2026 Expectation: 600 pips
AUDCAD has no clear direction amid de-escalating geopolitical tensions
05 June 2026 36
Period: 05.07.2026 Expectation: 2400 pips
Buying USDCAD with 1.41400 target
05 June 2026 41
Period: 12.06.2026 Expectation: 800 pips
GBPUSD is stuck in flat trend amid Middle East uncertainty
05 June 2026 31
Period: 11.06.2026 Expectation: 1650 pips
Selling S&P 500 with 7,370 in sight on rising likelihood of Fed’s hawkish policy
04 June 2026 51
Gold buy
Period: 05.06.2026 Expectation: 290 pips
Buying gold with $4,770 in view
04 June 2026 92
Go to forecasts