Name: Chevron in talks with U.S. on wider Venezuela oil license
Uploaded: 2026-01-09T08:11:53.447Z
Duration: 2 min 13 s
Description: Oil producer Chevron is in talks with the U.S. government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers, four sources close to the negotiations said.

Oil producer Chevron is in talks with the U.S. government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers, four sources close to the negotiations said.

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Chevron is negotiating with the U.S. government to expand its license for exporting Venezuelan crude oil, according to sources cited by Reuters. The proposed changes would enable Chevron to increase shipments to its own refineries and sell oil to additional buyers, amid ongoing talks between Washington and Caracas to supply up to 50 million barrels of Venezuelan oil to the United States.

The U.S. is also encouraging other American oil companies, such as Valero Energy, ExxonMobil, and ConocoPhillips, to participate in Venezuelan oil exports. Chevron is currently the only U.S. oil major operating in Venezuela under a special authorization that exempts it from sanctions, but recent restrictions have significantly reduced its export volumes.

Chevron in talks with U.S. on wider Venezuela oil license

The U.S. government may allow oil giant Chevron to increase its crude exports from Venezuela. That's according to four sources, who told Reuters the two are in talks about expanding a license the company has to operate in the South American country. The change would allow Chevron to boost exports to its own refineries and sell oil to other buyers. The talks come as Washington and Caracas continue discussions about supplying up to 50 million barrels of Venezuelan oil to the United States. And as President Donald Trump presses American oil companies to invest in Venezuela's energy sector. U.S. officials have said this week that proceeds from the Venezuelan oil supply will go to a U.S. overseen trustee. Proceeds are meant to finance supplies of American goods to Venezuela. Chevron is the only U.S. oil major operating in Venezuela, which it does under an authorization from the U.S. government that exempts it from sanctions on the country. As part of its sanction-hardening campaign to weaken Venezuelan President Nicolas Maduro, the Trump administration in July put additional restrictions on Chevron's license. Those restrictions reduced the volume of Venezuelan crude the company is exporting to the U.S. by 60 percent. The restrictions also deprived Venezuelan state-run oil company PDVSA of any proceeds from Chevron's exports. The license expansion would allow Chevron to go back to previous export levels, while providing Venezuelan crude to business partners that could allocate the oil to destinations other than the U.S., as the company used to do in the past. Sources said Washington is also pushing to have other U.S. companies involved in oil exports from Venezuela, including refiner Valero Energy, which was a customer of Venezuela's PDVSA before the sanctions. The U.S. is also pushing to get oil majors ExxonMobil and ConocoPhillips involved as well. Their Venezuelan assets were expropriated two decades ago. Chevron, Valero, Exxon and Conoco did not immediately reply to requests for comment.

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Chevron in talks with U.S. on wider Venezuela oil license

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Venezuela Strikes