Chevron Set to Increase Venezuelan Crude Oil Exports to the United States

Chevron Corporation (NYSE:CVX) is included among the 10 Best American Oil and Gas Stocks to Buy.

Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

According to a Reuters report on January 28, Chevron Corporation (NYSE:CVX) is set to increase its Venezuelan crude oil exports to the United States to around 300,000 barrels per day (bpd) in March, up significantly from 100,000 bpd in December and some 230,000 bpd so far in January. The oil giant, which has been operating under a special US license to operate in the South American country, has emerged as a key winner from the recent US action in Venezuela.

Chevron Corporation (NYSE:CVX), in a joint venture with state-run PDVSA, is currently producing around 240,000 – 250,000 barrels of sour Venezuelan crude per day, which is especially popular among the US Gulf Coast refineries. While the oil major had been the sole American company still operating in Venezuela under the Maduro regime, it is now competing with trading houses Vitol and Trafigura, which were also granted US licenses earlier this month to export Venezuelan oil to the US and other markets.

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