Daily Energy Report
Venezuela crude & sanctions, Cushing inventories, HSBC retreats on climate, Iraqi-Kurd/Turkey oil deal, ADNOC/Japan LNG, BP disruption, US/Russia Arctic talks, Trump copper tariff impact, and more.
February 27, 2025
Chart of the Day: Venezuela’s Crude Exports by Destination
The News:
Bloomberg: Trump to End Chevron License in Venezuela in Blow to Maduro
Reuters: Trump Axes Chevron’s Venezuela Oil License, Citing Lack of Electoral Reforms
Reuters: Top Buyers of Venezuelan Crude Oil in the United States
Summary
Trump plans to revoke Chevron’s Venezuela oil license, granted in 2022, escalating sanctions over Maduro’s reelection. Trump says Maduro is not making progress on electoral reforms and migrant returns. Chevron’s 200 kb/d—20% of Venezuela’s output—supports its economy, and revocation could cut 100,000 barrels, raising US fuel costs despite Trump’s drilling push. Venezuela warns the move may spike inflation and migration.