Chevron in Talks With US Gov't to Expand Venezuela License, Boost Oil Exports

Chevron is holding talks with the US government to expand a key license that would allow the oil major to increase crude exports from Venezuela to its own refineries and to other buyers, according to four sources familiar with the discussions.

The talks come as Washington and Caracas continue negotiations over the potential supply of up to 50 million barrels of Venezuelan oil to the United States, part of a broader push by President Donald Trump to draw US energy companies back into Venezuela’s oil sector.

Chevron is currently the only major US oil company operating in Venezuela, under a special authorization from the US government that exempts it from sanctions imposed on the South American country. An expanded license would significantly widen Chevron’s ability to market Venezuelan crude internationally.

Three of the sources said the US administration is also pressing for other American companies to participate in Venezuelan oil exports. Those include refiner Valero Energy, which was a major customer of Venezuela’s state oil company PDVSA before sanctions were imposed, as well as Exxon Mobil and ConocoPhillips, whose assets in Venezuela were expropriated nearly two decades ago.

The renewed engagement signals a potential reshaping of US policy toward Venezuela’s energy sector, with Washington seeking to secure supply while maintaining leverage over oil revenues.

President Trump said in a post on Truth Social that Venezuela would be required to use proceeds from oil sales exclusively to purchase US-made goods. These would include agricultural products, pharmaceuticals, medical equipment, and materials needed to upgrade Venezuela’s power grid and energy infrastructure.

The announcement followed Trump’s statement that Venezuela would deliver between 30 million and 50 million barrels of sanctioned crude to the United States, to be sold at global market prices. Based on Wednesday’s oil settlement prices, the sales could exceed $2 billion in value.

US Energy Secretary Chris Wright said on Wednesday that the United States would maintain ongoing control over the sale of Venezuelan oil, both initially from existing inventories and on a longer-term basis.

Speaking at Goldman Sachs’ annual energy conference in Miami, Wright said: “We will market the crude coming out of Venezuela, starting with stockpiles and then on a permanent basis, and sell the production into global markets.”

Wright stressed that US oversight is essential to drive reforms in Venezuela, noting that proceeds from oil sales would be deposited into accounts managed under US supervision. “We are not seizing their oil,” he said. “The money will go back to Venezuela, but this leverage is necessary to ensure change.”

The discussions with Chevron highlight the growing strategic importance of Venezuelan crude at a time when global oil markets remain highly sensitive to geopolitical risks and supply constraints.