Chevron (NYSE: CVX) and Valero Energy (NYSE: VLO) are in talks to restart Venezuelan crude supplies to Valero’s U.S. refineries. The agreement, previously paused due to sanctions, could resume this month, with ship-to-ship transfers off Aruba playing a key role.
In Q1, Chevron supplied about 50,000 barrels per day of Venezuelan heavy crude through Aruba, accounting for 20% of its exports. Resuming the deal is crucial for Chevron’s second-largest Venezuelan joint venture, helping stabilize production and meet U.S. refinery demand. Aruba’s strategic location makes it essential for Caribbean oil logistics.
