Chevron Corp. is expected to receive an expanded license from the U.S. government this week allowing the company to boost oil production and exports from Venezuela.
Chevron is going to be part of a oil company’ s group which will receive approvals from President Trump to do business in Venezuela. Among these industries, there are also traders and refiners looking for access to the Venezuelan heavy crude.
Part of broader U.S. strategy on Venezuelan oil
Other American energy companies and refiners, such as Marathon Petroleum and Valero Energy, as well as global trading houses like Mercuria and Glencore, are discussing with Washington to obtain authorizations allowing them to access Venezuelan oil.
Chevron has been the only major U.S. oil company actively producing and exporting Venezuelan oil in recent months, operating roughly 240,000 barrels per day (bpd) in joint ventures with Venezuela’s state oil firm, PDVSA, under the existing authorization. Between late 2022 and early 2025, Chevron’s license allowed broader export activity, resulting in expanded output capacity, facility maintenance, and increased exports. However, tighter restrictions later slowed activity.
Market reaction and industry competition
Chevron’s stock price has responded positively to the recent political changes in Venezuela, rising nearly 9%. The anticipation of an expanded license has fostered optimism among investors that Chevron could return to higher export levels seen before last year’s restrictions.
The U.S. has already completed initial oil sales under a $2 billion agreement with Caracas, with additional transactions expected in the coming weeks. Chevron, along with major traders such as Vitol and Trafigura, is actively competing for government-authorized deals to export Venezuelan crude.
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