While U.S. military pressure on Venezuela has forced vessels to idle at ports or steer away from the region, it continues to be business as usual for one U.S. company.

Chevron (CVX), which has been present in Venezuela for more than a century, remains the only company exporting crude from the country without delays.

Two ships carrying crude for Chevron (CVX) departed from Venezuela’s Bajo Grande port to sail to the U.S., the day after U.S. forces seized a sanctioned tanker last week.

“Chevron’s (CVX) operations in Venezuela continue without disruption and in full compliance with laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the U.S. government,” a company spokesperson said.

Under its license to operate in the country, about half the oil that it and state-owned PDVSA pump goes to the Venezuelan government. The government then uses a shadow fleet to sell the oil to China or Cuba.

The output from the fields where Chevron (CVX) and its joint ventures operate represents about one-third of Venezuela’s total oil production, and less than 10% of Chevron’s global output.

Meanwhile, Venezuela’s oil customers are demanding deeper discounts and revised spot contracts from state-owned PDVSA.

Discounts for Venezuelan crude bound for China already widened significantly in recent days, reflecting the rising cost of a “war clause” requested by shipowners to protect themselves from any disruptions due to the U.S. military buildup in the Caribbean.

Source: seekingalpha