Venezuela Oil Output Weathers Chevron Exit With Diluent Spree
The Petroleos de Venezuela SA (PDVSA) El Palito refinery in El Palito, Venezuela.
Photographer: Bloomberg
Venezuela’s oil output has been more resilient than expected since the US forced Chevron Corp. to wind down operations in the country, with a last-minute shopping spree for a key production supply helping cushion the blow.
State-owned Petroleos de Venezuela SA has maintained average output of about 1.1 million barrels a day in June and July, according to figures seen by Bloomberg. Chevron, which pumped nearly a quarter of Venezuela’s barrels, lost key licenses to operate in the country near the end of May as the Trump administration sought to pressure President Nicolas Maduro.