Chevron Resumes Venezuelan Oil Exports to the US

Chevron is preparing to resume limited oil exports from Venezuela to the United States after receiving a restricted license from the US Treasury Department. According to maritime monitoring data and industry sources, at least three vessels chartered by Chevron were detected en route to Venezuelan waters to restart loading operations in August. The US Treasury's authorization, issued in late July, allows Chevron to partially resume its operations, export crude, and conduct exchanges with the state-owned Petróleos de Venezuela (PDVSA).

The restricted license prohibits any payments to the Venezuelan regime. However, Venezuelan official Diosdado Cabello stated that any transaction would include a corresponding payment, in line with national regulations.

Chevron CEO Mike Wirth announced that limited oil volumes would begin flowing to the US from Venezuela by late August. He noted that Venezuelan crude is valued by refineries on the US Gulf Coast due to its heavier, more sulfuric composition, for which these facilities are adapted. Wirth also said the resumption of exports would help settle some of the company's pending debt.

This move follows a period of fluctuating US sanctions policy. US President Donald Trump revoked Chevron's license in February, which had been temporarily reopened by his predecessor Joe Biden in 2022. The last license expired in May before the new authorization was confirmed in July.