PDVSA Halts Chevron Oil Shipments Amid U.S. Sanctions Escalation

Venezuela’s state-run oil company, Petróleos de Venezuela S.A. (PDVSA), has abruptly revoked several authorizations previously granted to U.S. energy giant Chevron to load and export crude oil from the country this month, according to three individuals familiar with the matter.

The cancellations mark a new turn in the intensifying standoff between the United States and Venezuela, following the Trump administration’s decision to escalate sanctions targeting the South American nation’s oil sector. In early April, Washington imposed a 25% tariff on purchases of Venezuelan crude and gas — a move analysts believe could disproportionately affect China, Venezuela’s top oil customer.

Chevron, which had been operating in Venezuela under a special U.S. license that allowed it to bypass existing sanctions, was shipping approximately 250,000 barrels per day (bpd) of Venezuelan crude to the U.S. The company’s ability to continue operations was upended last month when the U.S. Treasury Department announced the revocation of key licenses for several PDVSA partners, including Chevron. Firms were given until May 27 to wind down business and finalize transactions.

The revocation of loading permissions has already impacted at least three oil shipments, sources said. Two tankers had already taken on cargo and will now have to return to port, while a third shipment was halted before loading commenced.

Neither PDVSA nor Chevron immediately responded to requests for comment. It remains uncertain whether the suspended cargoes will be rescheduled or canceled outright.

The Venezuelan government, led by President Nicolás Maduro, issued a fresh denunciation of the U.S. actions on Thursday, branding the sanctions and tariffs as an act of “economic war.” Despite recent disruptions, oil loadings to China — temporarily suspended earlier this month in response to the tariffs — began to resume this week.

Chevron had, until now, remained largely insulated from the latest sanctions due to its operational license. The sudden shift highlights the deepening complexity and volatility of oil trade tied to Venezuela, as political and economic tensions with Washington continue to escalate.