In a significant development for the global energy market, Chevron Corporation has ramped up its operations in Venezuela by chartering its largest fleet of tankers in over a year to transport crude oil amid evolving U.S. policies and geopolitical shifts. This move comes as the U.S. enforces stricter measures on Venezuelan oil flows, yet Chevron continues to operate under a special license that allows it to export to American refineries. With 11 tankers lined up—the most since early 2025—this fleet underscores Chevron’s push to maximize output and exports from its joint ventures in the OPEC nation.
Tanker Fleet Details and Shipment Capacity
Chevron has secured 11 tankers for loading at Venezuela’s key ports, Jose and Bajo Grande, marking an increase from the 9 vessels used in December 2025.
This fleet is capable of shipping approximately 152,000 barrels per day (bpd) of Venezuelan crude, up from about 123,000 bpd the previous month.
In the first week of January 2026 alone, Chevron loaded 1.68 million barrels onto ships, representing the fastest pace in seven months and nearly five times the volume from the same period in December 2025.
This surge addresses growing concerns over storage constraints in Venezuela, where limited export capacity could otherwise force production cuts. Without increased shipments, Venezuela’s overall output risks dropping to as low as 600,000 bpd by February 2026.
Chevron’s operations are critical here, as the company accounts for nearly 25% of the country’s total oil production.
Destinations and Refineries
All of the oil from this fleet is bound for U.S. refineries, highlighting Chevron’s focus on domestic processing amid sanctions that restrict flows to other markets like Asia.
Key destinations include:
Phillips 66’s Sweeny Refinery in Texas: Receiving around 1 million barrels, including cargoes from tankers like the Mediterranean Voyager.
This facility is well-suited for heavy crudes like those from Venezuela.
Chevron’s Pascagoula Refinery in Mississippi: Allocated approximately 340,000 barrels. As one of Chevron’s own plants, it processes a mix of sour crudes efficiently.
Valero Energy Corp Refineries: Handling about 340,000 barrels, including Boscan crude, which is prized for asphalt production.
Marathon Petroleum Corp: Additional volumes are directed here, supporting broader U.S. refining needs.
These shipments not only bolster U.S. energy security but also help alleviate Venezuela’s storage issues, where tanks are nearing capacity due to reduced “dark fleet” activities under U.S. enforcement.
Chevron’s Plans for Production ExpansionExx
Looking ahead, Chevron is actively negotiating with U.S. officials to expand its operating license in Venezuela, aiming to restore higher export levels and potentially reopen flows to global buyers.
This aligns with broader U.S. efforts under the Trump administration to quickly boost Venezuelan output through targeted fixes and investments.
Chevron, along with other majors like ExxonMobil and ConocoPhillips, is in discussions to increase production by several hundred thousand bpd in the short term with relatively limited initial investments.
The company has expressed interest in making significant investments once political stability improves, positioning itself to capitalize on Venezuela’s vast reserves.
On a national scale, President Trump has outlined a $100 billion investment plan from U.S. oil companies to rebuild Venezuela’s energy sector, with guarantees of U.S. security support.
For Chevron specifically, this could translate to scaling up its joint ventures, potentially adding tens of thousands of bpd to its output share. Venezuela as a whole targets an 18% production increase in 2026 through sector reforms and private investment.
However, achieving these goals will require overcoming infrastructure challenges and securing the necessary capital, estimated at $10 billion annually for a decade to return to historical peaks of 4 million bpd.
This escalation in Chevron’s Venezuelan activities signals a potential thaw in U.S.-Venezuela energy relations, benefiting global supply chains and U.S. refiners. As the situation evolves, keep an eye on how these shipments and investments reshape the energy landscape. For more insights, tune into the Energy News Beat podcast.
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