Venezuela resumed this month exports of the diluted crude oil (DCO) that has not been shipped since late 2024. U.S. Chevron sent a 500,000 barrel cargo to the U.S. Gulf Coast.

This grade is popular with refiners from countries such as the United States and India. It is produced by a mixture of extra-heavy crude oil from OPEC's main oil region in the Orinoco Belt and imported heavy naphtha.

Exports could drain millions of barrels from inventories if they continue in the months to come. According to the document, by the end of the month of February, DCO stocks were at 4.8 million barrels. This was the highest accumulation for a heavy grade of DCO in the Orinoco.

PDVSA didn't immediately respond to a comment request. Chevron refused to comment on any commercial issues.

Vitol and Trafigura, two trading houses in Venezuela, exported 27 million barrels through February. This was due to U.S. permits granted after the U.S. captured President Nicolas Maduro. The majority of the Venezuelan oil exported has been Merey heavy, the country's most popular crude.

Data from vessel tracking showed that Chevron had, on its part, focused on exports of upgraded Hamaca crude oil and heavy Boscan, the two grades which it produces most.

The country's total stock of?grades has remained high, and its pool of potential purchasers limited.

(source: Reuters)