<article><p class="lead">Chevron is expected to send its first cargo of Venezuelan crude to a US Gulf coast refiner since 2018 by the end of December, taking advantage of recently loosened US sanctions, according to a source with the company.</p><p>The anticipated cargo of 16° API Merey grade crude would be the first permitted since the administration of President Joe Biden <a href="https://www.argusmedia.com/en/news/2395013-us-allows-chevron-to-lift-venezuelan-oil-update">agreed to let Chevron resume selling Venezuelan crude</a> in November as reward for the government of Nicolas Maduro resuming talks with the opposition over new elections.</p><p>Chevron has also been permitted to <a href="https://www.argusmedia.com/en/news/2397302-chevron-pdv-sign-new-deals-in-venezuela">resume some work toward increasing Venezuelan crude production</a> at its four joint venture projects in the country. Years of neglect mean many of the facilities may take many months, if not years, to resume operations, but Chevron has ample crude in storage in the country that can be shipped relatively easily.</p><p>"Chevron has enough inventories to send oil to the US for the next six months" without an increase in production, according to a source in the government opposition familiar with operations. </p><p class="bylines">By Carlos Camacho</p></article>
