Chevron Ships First DCO Cargo from Venezuela After 15-Month Pause

Venezuela has restarted exports of diluted crude oil (DCO), a key grade that had been paused for 15 months. The first cargo to be sent was a 500,000-barrel shipment from US-based Chevron to the US Gulf Coast.

DCO is produced by blending extra heavy crude from Venezuela's Orinoco Belt with imported heavy naphtha and is popular among refiners in countries including the United States and India.

The resumption of DCO exports could help reduce the high inventory levels, which stood at 4.8 million barrels as of February. However, it remains to be seen whether this trend will continue.