06:55 AM EDT, 09/24/2025 (MT Newswires) -- Chevron ( CVX ) has reduced its Venezuelan oil exports by 50% following new US Treasury Department rules, Reuters reported late Tuesday, citing sources close to the matter.

The new authorization, issued in late July, allows Chevron ( CVX ) to operate in Venezuela but limits exports by restricting payments to the Venezuelan government, the report said.

Chevron's ( CVX ) joint venture partner, state oil company PDVSA, controls the crude oil, and uses it for in-kind payments or domestic refining, limiting Chevron ( CVX ) to 50% of the daily 240,000 barrels, the report said.

The reduced exports will result in less of Venezuela's high-sulfur crude reaching the US Gulf Coast, the report added.

Chevron ( CVX ) did not immediately respond to MT Newswires' request for comment.

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