6 days ago
Chevron's Return to Venezuela Set to Boost US Refiners' Supplies
The US government's decision to let Chevron Corp. resume producing and exporting Venezuelan oil is set to increase crude supplies for American refiners by more than 200,000 barrels a day. Still, it may be too late for fuelmakers to take full advantage of the boost during the key summer driving season.
While the specifics of the latest US decision haven't been disclosed, Chevron was allowed to drill and sell oil only to American refiners before losing its license to operate in Venezuela at the end of May. At the time, it produced about 240,000 barrels a day in the country, most of which it sent to fuelmakers including Valero Energy Corp., Phillips 66 and PBF Energy Inc. Chevron also took some supplies at its Pascagoula refinery in Mississippi.
