CVX's Venezuelan oil shipments halted by PDVSA amid payment uncertainty due to U.S. sanctions derails its plans to export oil.

Chevron Corporation, a major U.S.-based oil company, has been told to send back almost 1 million barrels of oil to Venezuela. This unexpected order comes just as Chevron was trying to secure as much oil as possible before shutting down its operations in the country.

Chevron Corp. was ordered to return nearly 1 million barrels of Venezuelan oil to Petroleos de Venezuela SA in a blow to the oil major, which was working to secure crude before wrapping up operations in the country when a US sanctions deadline hits in May.