Chevron Exports of Venezuelan Oil Halved Under New Rules: Rtrs

Chevron is only able to export about half the crude its joint ventures produce in Venezuela under the latest US rules, Reuters reports, citing three unidentified sources close to the matter.

• The joint ventures where the company participates have been paying royalties and taxes with oil in kind, effectively reducing what Chevron can export, according to the report
  • State oil company PDVSA is in control of the barrels delivered to comply with the in-kind payments, using them either for domestic refining or export: Reuters
• Chevron said it conducts its business globally in compliance with applicable laws and regulations, as ...