The American company Chevron is exploring the possibility of replacing Venezuelan oil in its refineries with supplies from Mexico, Brazil, and the Middle East, following the order from the Donald Trump administration to cease operations in Venezuela.
Chevron primarily uses Venezuelan heavy crude oil at its Pascagoula refinery in Mississippi. Andy Walz, President of Chevron for downstream, midstream, and chemicals, mentioned that they would seek alternative raw materials once the liquidation period is completed, which is expected to last approximately one month.
In an interview during the CERAWeek conference held by S&P Global in Houston, Walz said: "We would be looking for a significant replacement, largely. It could be from Latin America, the Middle East, and potentially Mexico, depending on what happens with tariffs."
The restrictions imposed by the Trump administration on Mexican and Canadian crude oil complicate the task for refineries to find a substitute for Venezuelan crude with similar characteristics.
Walz emphasized that Chevron will comply with current regulations and that they will evaluate various options in search of the most suitable crude oil for their operations.
