Chevron in Talks With Trump Administration for Expanded Venezuela Oil License

WASHINGTON – Chevron Corp. is in discussions with the Trump administration over a possible expansion of its U.S. license to operate in Venezuela, a move that could allow the company to restore crude exports to levels seen before Washington tightened restrictions last year, according to U.S. and Venezuelan officials familiar with the talks.

The negotiations come as the United States seeks to reassert control over Venezuelan oil sales following the capture of President Nicolás Maduro, reshaping the country’s energy trade while keeping revenues under close U.S. oversight. An expanded license for Chevron would mark the most significant adjustment so far to sanctions enforcement since the political upheaval in Caracas.

Push to revive exports

Under its current authorization, Chevron has been limited to exporting roughly 100,000 barrels per day of Venezuelan crude, far below earlier volumes. U.S. officials say an expanded license could allow the company to return to previous export levels and potentially market cargoes beyond the United States, though any sales would remain subject to Washington’s approval.

Venezuela’s state oil company PDVSA said this week that negotiations are progressing and that any revised framework would follow “strictly commercial” terms. A PDVSA board member told Reuters that U.S. buyers would be required to pay international market prices for the crude.

Up to 50 million barrels under discussion

Officials on both sides have confirmed discussions about supplying up to 50 million barrels of Venezuelan oil to the United States, a volume that would represent one of the largest unexpected inflows to U.S. refiners in recent years. The Trump administration has urged other American companies, including Valero Energy, Exxon Mobil and ConocoPhillips, to explore participation, according to people briefed on the matter.

U.S. authorities have said they intend to control Venezuela’s oil marketing, with proceeds deposited into U.S. Treasury–controlled accounts. More than $2 billion in crude sales have already been marketed under interim arrangements, officials said.

Strategic and political stakes

The talks highlight Washington’s effort to balance sanctions pressure with energy security considerations. Venezuelan crude, particularly heavy grades, is well suited for U.S. Gulf Coast refineries, some of which have been seeking alternative supplies since imports from other sanctioned producers declined.

At the same time, the negotiations have heightened political tensions. Tanker seizures and uncertainty over contract enforcement have underscored the risks for companies operating in Venezuela’s degraded energy sector, which analysts estimate will require tens of billions of dollars in investment to restore production meaningfully.

Market impact limited for now

Oil traders say any near-term impact on global prices is likely to be modest, as logistical constraints and the pace of license approvals will limit how quickly additional barrels reach the market. Over the medium term, however, a broader reopening led by Chevron could gradually lift Venezuelan exports and alter Atlantic Basin crude flows.

For Chevron, which has maintained a continuous presence in Venezuela despite years of sanctions, the talks represent a chance to stabilize operations and recover long-standing investments—provided political conditions allow the agreement to hold.

FAQs

What is Chevron seeking from the U.S. government?
Chevron is seeking an expanded U.S. license that would allow it to increase Venezuelan crude exports and potentially sell cargoes beyond the U.S. market.

How much oil could be involved?
Discussions include supplying up to 50 million barrels of Venezuelan oil to the United States, according to officials.

Who controls the oil revenues?
U.S. officials say proceeds from Venezuelan oil sales would be held in U.S. Treasury–controlled accounts, limiting direct access by Caracas.

Are other U.S. companies involved?
Washington has encouraged firms such as Valero, Exxon Mobil and ConocoPhillips to consider participation, though no agreements have been announced.

Will this affect oil prices?
Any short-term price impact is expected to be limited, but sustained export growth could influence regional crude markets over time.

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يناير 08, 2026