Trump plans to revoke Chevron’s Venezuela oil license, requiring its exit by July. This escalates U.S. restrictions after Maduro’s contested election and crackdown on opponents.
Chevron’s departure could hinder Venezuela’s oil-driven economic recovery.Trump announced the reversal of Biden’s oil concessions to Venezuela, citing unmet electoral conditions under Maduro’s regime.
Venezuela’s information ministry and Chevron did not respond to requests for comment.Following the news, Venezuelan and state-oil company bonds dropped, according to Bloomberg data.
The move disrupts Chevron’s century-long presence in Venezuela, where it has weathered political turmoil. Chevron shares dipped less than 1% in New York.Chevron, the only major U.S. oil producer in Venezuela, was producing over 200,000 barrels per day from its ventures as of mid-2024.
The Biden administration expanded its production and sales permissions in 2022, but Chevron refrained from investing further due to the license’s short-term nature.Its operations mainly involved repairing wells, restoring facilities, and recovering debt from Venezuela’s state-owned oil company.
