Chevron and Valero Discuss Resuming Venezuelan Oil Supply at 727,000 bpd After 10% Drop; Iraq Plans Ceyhan Pipeline Restart

Venezuela's oil exports declined by 10% in July to 727,000 barrels per day as Chevron and other companies awaited U.S. license approvals. Following the greenlighting of these licenses, Chevron is set to resume limited crude oil flows to U.S. refiners, reactivating an important supply of heavy Venezuelan crude. Concurrently, Chevron and Valero Energy are engaged in discussions to restart their oil supply agreement involving Venezuelan crude to be refined in the United States. Meanwhile, Iraq's oil minister announced plans to restart oil exports via Turkey's Ceyhan pipeline later this week, either Wednesday or Thursday; however, as of the latest reports, the pipeline exports have not yet resumed.