Chevron Expands Venezuela Oil Swap Deal as Sanctions Ease

Following the U.S. sanctions relief on Venezuela’s oil industry, supermajor Chevron has started to supply Venezuelan state oil firm PDVSA with fuels in an expansion of an oil swap deal, Reuters reports, citing sources with knowledge of the matter. Chevron has already sent one cargo to Venezuela as part of what could be an expanded oil swap agreement under which Chevron receives Venezuelan crude oil in exchange for fuels and diluents for the Chevron-PDVSA joint ventures operating in the South American country. One vessel carrying naphtha has…