Will Venezuelan Oil Exports Resume? "Chevron Deploys Oil Tankers"

Trump: "Up to 50 Million Barrels of Venezuelan Crude Oil to Be Delivered to the U.S."

As the United States moves to take control of Venezuela's oil industry, signs are emerging that Venezuela may resume oil exports, according to reports from Bloomberg and others on January 6 (local time).

AP Yonhap News

According to Bloomberg, Chevron, the only American oil company operating in Venezuela, has reportedly dispatched 11 oil tankers to Venezuela to begin crude oil loading operations. These tankers plan to transport crude oil loaded at Venezuela's Jose and Bajo Grande ports to U.S. refineries. The 11 tankers have a combined capacity to carry 152,000 barrels of crude oil per day.

On the same day, U.S. President Donald Trump announced on the social networking service Truth Social, "I am pleased to announce that the Venezuelan interim government will deliver 30 million to 50 million barrels of high-quality crude oil, which had been subject to sanctions, to the United States." He added, "This oil will be sold at market price, and the proceeds will be under my control as President of the United States, to be used in a way that benefits both the Venezuelan and American people."

He continued, "I have instructed Energy Secretary Chris Wright to implement this plan immediately," adding, "This oil will be transported via storage vessels and brought directly to unloading ports in the United States."

Venezuela has faced severe restrictions on crude oil exports since December 17, when President Trump designated the Nicolas Maduro regime as a foreign terrorist organization and blocked the entry of sanctioned oil tankers. According to the Financial Times, Venezuela's crude oil exports have dropped by more than 30% since the maritime blockade last month. With unsold crude oil accumulating, Venezuela's storage facilities have reached capacity, forcing the country to consider production cuts.

Industry experts warn that if local oil wells are shut down, Venezuela could face a "production collapse" crisis, as restarting closed wells takes time and delays crude oil production. According to market analysis firm Kpler, Venezuela's daily crude oil production, previously at 900,000 barrels, could fall to around 600,000 barrels next month.

The Trump administration has maintained the maritime blockade even after the arrest and extradition of President Maduro on January 3. The Financial Times analyzed that if the blockade continues, international oil prices could rise, which may also negatively impact the Trump administration.