Heavy, Sour Venezuelan Crude Will be Absent in U.S. Market

March 6, 2025--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Another stream of the heavy crude oil grades desired by many U.S. refineries was severed after the federal government gave Chevron Corporation (NYSE:CVX) (Houston, Texas) a deadline to stop working in Venezuela. U.S. President Donald Trump took to his social media outlet in late February to warn that the license for Chevron to continue operating in Venezuela was in jeopardy. On Tuesday, the Treasury Department's Office of Foreign Assets Control made it official by saying Chevron needs to wind down its operations in the country by April 3.