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U.S. oil major Chevron is reportedly in discussions with the U.S. government to expand a crucial license that would allow it to increase crude oil exports from Venezuela, according to sources close to the negotiations. The potential license expansion could enable Chevron to ship more Venezuelan oil to its own refineries and sell crude to third-party buyers, marking a significant shift in U.S.-Venezuela energy relations.
The talks come as Washington and Caracas advance negotiations on supplying up to 50 million barrels of Venezuelan oil to the United States. This development aligns with President Donald Trump’s push for American energy companies to re-engage with Venezuela’s oil sector despite ongoing sanctions. U.S. officials have indicated that proceeds from these oil sales would be managed by a U.S.-supervised trustee and used to fund American goods for Venezuela, ensuring that PDVSA, the state-owned oil company, does not directly receive cash payments.
Chevron remains the only U.S. oil producer currently operating in Venezuela under a special sanctions exemption. However, stricter restrictions imposed by the Trump administration in July sharply reduced Chevron’s export volumes to about 100,000 barrels per day in December, down from roughly 250,000 barrels per day earlier in the year. These measures also blocked PDVSA from accessing any export proceeds.
If approved, the expanded license would allow Chevron to restore previous export levels and resume partnerships with international buyers, including refiners outside the United States. Sources noted that some former business partners, including an Indian refiner, have already begun exploring the possibility of restarting oil loadings in Venezuela.
The U.S. government is also encouraging other American companies, such as Valero Energy, Exxon Mobil, and ConocoPhillips, to participate in Venezuelan oil exports. However, their potential involvement has reportedly added tension to ongoing diplomatic talks.
Despite these negotiations, U.S. officials have reiterated that the oil embargo on Venezuela remains in effect, underscoring the complexity and sensitivity of any changes to sanctions policy.
