Venezuela’s state-owned oil company, PDVSA, has started exporting a heavy crude oil grade previously handled by Chevron since 2022, according to maritime data and documents. This shift follows the cancellation of shipments to Chevron due to payment uncertainties, with exports redirected to other markets.

The logo of Venezuelan state oil company PDVSA is seen at the PDVSA headquarters, in Caracas, Venezuela May 14, 2025.

In March, the U.S. Treasury Department withdrew a license that had permitted Chevron to expand operations in four joint ventures in Venezuela and export crude to the United States. Although the period to wind down transactions is ongoing, PDVSA canceled Chevron’s scheduled cargoes last month, citing incomplete payments. The company also recalled several tankers that had already departed.

Since the cancellations, PDVSA has reorganized its oil production and crude upgrading processes to boost supplies for domestic refineries, addressing local consumption needs. However, the halted shipments have led to an oil inventory buildup in recent weeks, filling storage facilities at PDVSA’s oilfields in western Venezuela and prompting the use of floating storage, company documents indicate.

Venezuela’s oil exports dropped by approximately 10% in April, reaching about 780,000 barrels per day, largely due to the disrupted shipments with Chevron. A 920,000-barrel cargo of Boscan crude, produced by the PDVSA-Chevron joint venture Petroboscan, was dispatched earlier this month to Malaysia, a key trans-shipment hub for Venezuelan crude destined for markets like China. The Suezmax vessel left Venezuela’s Amuay ship-to-ship area and is expected to reach Malaysia around June 20, according to LSEG data and TankerTrackers.com.

Before these changes, Boscan crude was primarily exported to U.S. refineries by Chevron. The redirection of exports highlights PDVSA’s efforts to adapt to new market dynamics while managing its domestic energy demands and international trade relationships.

Neither PDVSA nor Chevron responded immediately to requests for comment. Venezuela’s government has consistently opposed U.S. sanctions, describing them as an obstacle to economic stability.

The reorganization of PDVSA’s operations reflects a broader strategy to maintain oil exports and support domestic consumption, despite challenges in the global market and storage constraints.