Chevron only able to export half of Venezuelan crude it produces, Reuters says

Chevron (CVX) will only be able to export roughly half the crude its joint ventures produce in Venezuela as a result of the latest rules laid out by the U.S. Treasury Department, Reuters’ Marianna Parraga reports, citing three sources close to the matter. The Treasury Department this past summer issued a restricted authorization allowing the oil major to operate in the sanctioned country and export oil to the U.S., but prohibited payments in any currency to the government of President Nicolas Maduro, the author notes. In order to be in compliance with the permit, Chevron’s joint ventures have been paying royalties and taxes with oil in kind, effectively reducing whatever the company can export to roughly 50% of the 240,000 barrels of crude per day that projects produce, the author says.