Venezuela this month resumed exports of a key crude grade that had not been shipped since late 2024, diluted crude oil (DCO), with U.S. Chevron sending a 500,000-barrel cargo to the U.S. Gulf Coast, a document from state energy company PDVSA seen on Friday showed.
The grade, produced from a blend of extra heavy crude from the OPEC country’s main oil region, the Orinoco Belt, and imported heavy naphtha, is popular among refiners in countries including the United States and India.
If exports are sustained in the coming months, they could help drain millions of barrels of inventories. By the end of February, stocks of DCO were at 4.8 million barrels, the highest accumulation of a heavy grade in the Orinoco, according to the document.
PDVSA did not immediately reply to a request for comment. Chevron declined to comment on commercial matters.
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