Two oil tankers carrying Venezuelan crude chartered by Chevron (CVX.N), have been stalled due to state oil company PDVSA canceling their export authorizations.
The cancellations come amid growing uncertainty over payments due to the tightening of U.S. sanctions on the OPEC-member nation.
According to Reuters, PDVSA canceled the vessels’ set-sail permits on 10 April, despite both tankers having completed loading. Chevron is awaiting customs paperwork to return the cargoes to port.
In addition to halting those two shipments, PDVSA has also suspended loading permissions for four other of the company’s chartered tankers. As reported, these vessels began departing empty on 11 April, adding further uncertainty to Chevron’s operations and crude exports from Venezuela.
Currently, Chevron’s joint ventures with PDVSA contribute approximately 25% of Venezuela’s overall oil output.
