Chevron to start exporting Venezuelan oil this month
The American oil company Chevron has declared that limited exports of crude oil from Venezuelan fields will begin in August.
This week, the U.S. Treasury Department issued a limited license for the extraction and export of crude oil from Venezuela, a country that is still technically under sanctions.
Former President Joe Biden had previously issued such a license, but after Donald Trump took office, the consent was withdrawn and formally all settlements with PDVSA should be settled by the end of May.
Currently, under pressure from the oil lobby, the federal administration has given in and issued a new license, which is intended to increase the supply of oil on the market on the one hand, and limit Venezuelan exports to China on the other.
On the sidelines, there is also a friendly gesture by President Nicola Maduro, who responded positively to the appeal to accept several thousand illegal Venezuelan emigrants deported from the United States.
Chevron will initially export approximately 250,000 barrels of crude oil per day. This means that within a month, the value of the commodity will exceed $500 million.
The American oil company will no longer be able to pay oil payments directly to the government. However, negotiations are currently underway with PDVSA on a new compensation mechanism.
The agreement will also include a system of royalties and local taxes, which are formally to be settled in kind. This means that chemicals and other supplies necessary for oil extraction can be supplied.
Journalist, graduate of political science at the Faculty of Law and Administration of the Jagiellonian University. Associated with the media for over 40 years. After graduating in 1982, he worked on the editorial staff of "Gazeta Krakowska" and "Kurier Polski." A member of the editorial team of "Przegląd Techniczny." He has published articles in "Student," "Przekrój," and "Życie Literackie." Since the economic and political transformation, he has been associated with Reuters as a correspondent in Krakow for over 20 years. For the next three years, he conducted practical classes with students at the Institute of Journalism, Media, and Social Communication of the Jagiellonian University. Since December 2021, he has joined the PTWP Group and works for the WNP.PL portal. His main professional interests include economics and politics at the global level and the participation of Polish business in this field, particularly companies listed on the Warsaw Stock Exchange. Winner of the "Ostra Pióra" award, granted for "spreading economic education" by the BCC, as well as the Golden Pear - a journalistic award of the Małopolska Branch of the Association of Journalists of the Republic of Poland.
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