The termination of Chevron’s license to operate in Venezuela could pave the way for a new agreement between the U.S. energy giant and state-owned PDVSA to export crude to markets outside the United States, according to sources familiar with the discussions.
The move comes after U.S. President Donald Trump announced on Wednesday that he was revoking Chevron’s license, accusing Venezuelan President Nicolás Maduro of failing to make progress on electoral reforms and migrant returns. U.S. Secretary of State Marco Rubio further stated on social media platform X that he would work to terminate all oil and gas licenses for companies operating in Venezuela, which he claimed have “shamefully bankrolled the illegitimate Maduro regime.”
Chevron, along with other companies like Repsol, Eni, and Maurel & Prom, has been operating in Venezuela under U.S. authorizations. As of Thursday, the U.S. Treasury Department had not issued specific terms for the license cancellations or set a deadline for winding down oil exports.
Despite the announcement, Chevron’s oil cargoes continued to depart Venezuelan ports for the U.S. as scheduled, according to vessel tracking data and PDVSA’s internal export records. Maritime sources indicated that shippers had not been instructed to slow loading or divert tankers.
Chevron stated it is evaluating the implications of Trump’s decision, while Repsol, Eni, and Maurel & Prom did not respond to requests for comment.
Chevron’s six-month license, which has been automatically renewed since November 2022, allowed the company to produce about a quarter of Venezuela’s total oil output last year. The country became the fourth-largest crude supplier to the U.S. in 2023, accounting for 13% of Gulf Coast refinery imports, according to the U.S. Energy Information Administration.
The license cancellation has already impacted the market, with spot prices for a key medium crude grade in the U.S. Gulf Coast spiking as refiners scrambled to secure alternatives from Colombia, Ecuador, and Guyana.