Chevron Seeks Broader U.S. Approval to Boost Venezuelan Crude Exports

Key Moments

Chevron is negotiating with the U.S. government to expand its Venezuela license, aiming to increase crude exports to its refineries and other buyers.
U.S. restrictions cut Chevron’s Venezuelan exports from 250,000 bpd earlier in the year to about 100,000 bpd in December and blocked PDVSA from receiving proceeds.
Washington is urging other U.S. companies—Valero, Exxon Mobil, and ConocoPhillips—to join Venezuelan oil exports, creating tension in ongoing talks.

Chevron in Active Talks on Venezuela License

HOUSTON, Jan 7 (Reuters) – Chevron is discussing with the U.S. government the expansion of a license that allows it to operate in Venezuela. The goal is to lift exports of Venezuelan crude to its U.S. refineries and resume sales to third-party buyers, according to four sources familiar with the talks.

The negotiations occur as Washington and Caracas discuss supplying up to 50 million barrels of Venezuelan crude to the United States. Meanwhile, President Donald Trump encourages U.S. oil firms to invest in Venezuela’s energy industry.

Sanctions Framework and Existing Chevron Operations

Chevron remains the only major U.S. oil company operating in Venezuela. Its activities continue under a U.S. government license, which provides an exception to broader sanctions.

In July, the Trump administration tightened Chevron’s license to increase pressure on Venezuelan President Nicolas Maduro. The new terms reduced Chevron’s shipments to about 100,000 bpd in December, down from 250,000 bpd earlier. The license also blocked PDVSA from receiving revenue from Chevron’s exports.

Potential License Expansion and Export Flows

An expanded license could allow Chevron to restore exports to previous levels and supply Venezuelan crude to partners for shipment outside the U.S., a practice followed in the past.

Some former partners, including an Indian refiner, visited Caracas this week to explore restarting Venezuelan crude loadings, according to two sources.

Item	Detail
Chevron Venezuelan exports earlier this year	250,000 bpd
Chevron Venezuelan exports in December	100,000 bpd
Planned Venezuelan supply under U.S.-Caracas talks	Up to 50 million barrels

U.S. Oversight of Proceeds and PDVSA Inventories

U.S. officials stated this week that revenue from Venezuelan crude exports will go to a U.S.-overseen trustee. The funds will pay for U.S. goods shipped to Venezuela and help PDVSA reduce crude inventories amid what was described as a severe oil blockade.

Push to Involve Other U.S. Companies

Washington wants other U.S. firms to join Venezuelan exports. The list includes Valero, Exxon Mobil, and ConocoPhillips. Their potential entry has created friction in talks between Caracas and Washington, according to three sources.

Chevron, Valero, Exxon, and Conoco did not respond to requests for comment.

BREAKING: American oil giant Chevron is now hiring for new positions in Venezuela.
According to reports, they are currently negotiating an expanded U.S. license to boost production in Venezuela. They want to increase exports to their own refineries and sell to other buyers. pic.twitter.com/7TbLisTtpA
— George (@BehizyTweets) January 8, 2026

Official Statements from the U.S. and PDVSA

“While we do not comment on specific licenses, the U.S. Treasury supports President Trump’s efforts for the people of Venezuela,” a spokesperson said.

PDVSA said it is negotiating with the U.S. for crude exports under terms similar to those with Chevron. “The process is based on strictly commercial transactions under legal and transparent conditions beneficial to both parties,” it said. A PDVSA board member added that the company expects to sell its crude at market prices.

Sanctions Enforcement and Tanker Seizures

On Wednesday, the U.S. boarded and seized two tankers in the Atlantic linked to Venezuela. Officials emphasized that the U.S. oil embargo on Venezuela remains in place, targeting cargoes on vessels subject to U.S. sanctions.