US-authorised buyers of Venezuelan oil complete transactions as licenses expire

Buyers of Venezuelan oil under US licenses and authorisations have completed loadings and the vessels departed as a period granted by Washington to wind down transactions expired this week, shipping data and documents seen on Wednesday showed.

The US Treasury and State departments gave companies including Chevron, Maurel Prom and Repsol until May 27 to receive cargoes of Venezuelan crude, fuel and byproducts as authorisations granted in recent years were revoked in March as part of the Trump administration's harder stance towards the sanctioned country.

A recent large swap deal between Venezuela's state company PDVSA, MP and commodities firm Vitol was completed, with naphtha supplies discharged at PDVSA's Jose port and vessels carrying Venezuelan heavy crude setting sail to the US, the data showed.

Other customers also received in recent days their last cargoes ahead of the wind-down deadline.

PDVSA in April canceled cargoes scheduled for delivery to one of its main joint-venture partners, Chevron, citing payment uncertainties related to US sanctions, which cut short the deadline set to complete those transactions.

Chevron's broad license to operate in Venezuela ended on Tuesday, the company confirmed. However, the US producer received guidelines from the Trump administration allowing it to preserve its stakes, assets and staff in Venezuela, sources told Reuters.

PDVSA, Vitol, MP and Chevron did not immediately reply to requests for comment.

As buyers have completed and ceased deals, there has been a reduction of crude sales to US-authorized companies since last month, partially offset by an increase in oil and fuel deliveries to little-known intermediaries allocating Venezuela-origin cargoes in Asia, the data and documents showed.

Without the licenses, analysts are forecasting a 15-30 per cent decline of Venezuela's oil output and exports by the end of next year, following a slow recovery that had pushed average crude output to around one million barrels per day (bpd) this year.

The government of unelected President Nicolas Maduro rejects the sanctions. Officials have said they amount to an "economic war."

(Reporting by Reuters staff; Editing by Alistair Bell)