Chevron is engaged in negotiations with the U.S. government to expand its operating license in Venezuela, allowing increased crude oil exports to its own refineries and sales to other buyers, according to sources familiar with the matter. These discussions occur amid broader U.S.-Venezuela talks to supply up to 50 million barrels of Venezuelan oil to the United States, following the ouster of President Nicolas Maduro by U.S. forces, with President Donald Trump planning to meet U.S. oil company executives on Friday to encourage investment in the country’s energy sector.
Current Status of Venezuelan Oil Exports
As of January 6, 2026, Venezuela’s oil deliveries to Asia remained at a standstill, with operations to load cargoes for Chinese customers on hold for a fifth day. Shipping data showed that crude loadings were occurring only for Chevron at ports such as Jose and Bajo Grande. Several vessels chartered by Chevron were the only ones actively loading, while at least a dozen sanctioned vessels carrying around 12 million barrels of crude and fuel—loaded in December 2025—had sailed in early January 2026 with transponders off or remained in Venezuelan waters.
The last crude cargo for an Asian customer completed loading on January 1, 2026. Chevron, operating under a U.S. license that exempts it from sanctions, resumed exports to the U.S. on January 6, 2026, after a four-day pause, and was exporting around 150,000 barrels per day of crude to the U.S. Gulf Coast. Chevron is the only U.S. oil major currently active in Venezuela’s oil fields and the only company fluidly exporting Venezuelan crude in recent weeks, in full compliance with relevant laws and regulations.
Background on U.S.-Venezuela Negotiations and Policy Shifts
Negotiations between Washington and Caracas aim to facilitate Venezuelan oil supplies to help state-owned PDVSA drain inventories amid a U.S.-imposed blockade on sanctioned oil tankers. Proceeds from these supplies are expected to be directed to a U.S.-overseen trustee to finance American goods deliveries to Venezuela, now under Interim President Delcy Rodriguez.
Prior to Maduro’s removal, the Trump administration had imposed additional restrictions on Chevron’s license in July 2025, reducing U.S. export volumes from 250,000 barrels per day earlier in the year to about 100,000 barrels per day by December 2025, while preventing PDVSA from receiving any proceeds.
On January 5, 2026, industry executives reported that the three largest U.S. oil companies—Chevron, Exxon Mobil, and ConocoPhillips—had not held conversations with the administration about operating in Venezuela, either before or after Maduro’s ouster. One source stated, “Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point.”
The administration is now planning meetings with U.S. oil company executives later that week to discuss boosting Venezuelan production, which has fallen to around a third of its peak due to underinvestment and sanctions. The White House believes U.S. oil companies are ready to invest billions to rebuild Venezuela’s energy infrastructure.
Details of Chevron’s Proposed License Expansion
The sought-after expansion would restore Chevron’s export levels to previous volumes and allow supplies to international partners for destinations beyond the U.S., as practiced before recent restrictions. Former partners, including an Indian refiner, have inquired in Caracas about resuming loadings.
The U.S. is pushing for involvement from other companies, such as refiner Valero Energy (a pre-sanctions PDVSA customer) and majors Exxon Mobil and ConocoPhillips (whose assets were nationalized two decades ago by former President Hugo Chavez). This potential participation has created tensions in the talks.
One executive noted reluctance for new commitments, stating, “I don’t think you’re going to see any company other than Chevron, who’s already there, you know, commit to developing this resource.”
Statements from Involved Parties
PDVSA stated on January 7, 2026, that it is progressing in negotiations with the U.S. for oil exports under terms similar to Chevron’s, describing the process as “based on strictly commercial transactions under terms that are legal, transparent and beneficial for both parties.” A PDVSA board member added that the company expects to sell oil at market prices.
The U.S. maintains its oil embargo, having seized Venezuela-linked tankers. Chevron, Valero, Exxon Mobil, ConocoPhillips, and the U.S. Treasury Department did not respond to requests for comment.
