Oil Daily | Druzhba Pipeline Disruptions and Chevron's Venezuelan Exports Highlight Oil Industry Shifts

【Global Oil Supply and Demand】

The Druzhba pipeline, a key oil supply route from Russia to Central Europe, faced disruptions after Ukraine attacked a pumping station. This pipeline, vital for Hungary and Slovakia, resumed operations briefly before another attack led to a five-day suspension. Hungary blames Ukraine for affecting its energy security, urging EU intervention.

【Oil-Producing Countries Dynamics】

Private Chinese firm China Concord Resources Corp (CCRC) is investing $1 billion to increase oil production in Venezuela to 60,000 bpd by the end of next year. CCRC has a 20-year production sharing contract and is expanding operations by reopening wells. Despite sanctions, Chinese independent refiners continue importing Venezuelan crude.

【Company News】

Chevron, with a reinstated license, resumed exporting Venezuelan crude to the U.S. after a sanction exemption was granted by the Trump Administration. The first crude cargoes since the license renewal were shipped to the U.S. West Coast and Texas, marking Chevron's significant presence among large international firms operating in Venezuela.