Chevron's (CVX) operations in Venezuela are facing disruptions after state oil company PDVSA canceled several authorizations it had granted to the US-based company to load and export Venezuelan crude, Reuters reported, citing three sources with knowledge of the decision.
Two of the cargos cancelled by PDVSA involve tankers that had already loaded, so the oil would have to be returned to ports, while a third tanker was yet to load, Reuters reported, citing one of the sources.
The cancellations follow US President Donald Trump's implementation of tariffs on Venezuela's oil buyers, as well as Washington's cancellation of key licenses in March to certain PDVSA partners and customers, including Chevron, according to the report.
Chevron did not immediately respond to MT Newswires' request for comment, while PDVSA could not be reached.
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