*

Venezuela's oil exports to China offset U.S.-authorized

sales

decline

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U.S. revoked export authorizations, impacting customers

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Venezuela exported Boscan heavy crude to Asia after

license

expirations

June 3 (Reuters) - Venezuela's oil exports remained

almost unchanged last month as increased shipments to customers

in China offset a decline in U.S.-authorized sales, according to

vessel-tracking data and internal documents from state company

PDVSA.

The U.S. Treasury and State departments in March revoked the

authorizations they had granted in recent years for PDVSA's

customers and partners to export oil from sanctioned Venezuela.

They gave the firms until May 27 to wind down transactions.

The license expirations and PDVSA cancelling some cargoes to

one of its main partners, Chevron ( CVX ), due to payment

uncertainties, reduced deliveries to the state company's

traditional customers in the U.S. and Europe. However,

intermediaries received more cargoes bound for China.

U.S. President Donald Trump's administration has increased

pressure on Venezuela amid complaints about what U.S. officials

have called the OPEC country's lack of progress towards

electoral reforms and migrant returns.

President Nicolas Maduro's government rejects the sanctions

and has said they amount to an "economic war" against Venezuela.

The U.S. energy sanctions have been in place since 2019 and

companies abiding by them need U.S. authorization to export

Venezuela's oil or do business with PDVSA.

In May, a total of 30 vessels departed from Venezuelan

waters carrying an average 779,000 barrels per day of crude and

refined products, and 291,000 metric tons of oil byproducts and

petrochemicals, according to the data and documents.

In April, the South American country had exported 783,000

bpd of crude and fuel as sales to U.S.-authorized customers

began to fall, down from 850,000-900,000 bpd in previous months.

In May 2024, oil exports averaged 770,000 bpd, according to the

data.

China was the largest receiver of Venezuela's oil last month

with some 584,000 bpd, above the 521,000 bpd of April. The U.S.

received some 140,000 bpd, slightly more than the 130,000 bpd of

the previous month.

PDVSA did not deliver any cargoes to Chevron ( CVX ) or India's

Reliance Industries in May, but a large oil swap with

joint-venture partner Maurel & Prom and trading house

Vitol was completed as planned, marking the last U.S.-authorized

deal before the license expirations.

The Venezuelan state firm began exporting Boscan heavy crude

on its own to Asia, the documents showed. The grade jointly

produced with Chevron ( CVX ) was feeding U.S. refiners before the

license expirations.

PDVSA and Reliance did not immediately reply to requests for

comment. Vitol and M&P declined to comment.

Chevron ( CVX ) last week confirmed its license for Venezuela had

expired and said its presence in the country remained "in

compliance with all applicable laws and regulations," including

the U.S. sanctions framework.

Venezuela increased fuel imports to some 159,000 bpd in May

from 94,000 bpd in April, the data showed, a move to replenish

stocks of the heavy naphtha PDVSA needs to dilute its extra

heavy output ahead of the reinforcement of U.S. sanctions.