Chevron's Strategic Moves in Venezuelan Oil Sector

Chevron is engaging in discussions with the U.S. government to expand its operational license in Venezuela, aiming to boost crude exports. The ongoing negotiations coincide with efforts to deliver 50 million barrels of Venezuelan oil to the U.S. Chevron remains the solitary U.S. major operating in the sanctioned country.

Chevron, a major oil producer, is reportedly in negotiations with the U.S government to secure an expanded license that would allow it to increase crude exports from Venezuela to its refineries and other buyers, according to four informed sources.

This development is unfolding as Washington and Caracas work towards an agreement to supply up to 50 million barrels of Venezuelan oil to the U.S. amid President Donald Trump's push for American oil companies to invest in Venezuela's energy sector. Chevron is currently the only U.S. major oil company operating in Venezuela, thanks to a special U.S. government authorization that circumvents the country's sanctions.

Despite requests for comment, Chevron has remained silent on the matter. Additionally, Washington is reportedly advocating for further U.S. corporate involvement in Venezuela, as shared by three separate industry insiders.

(With inputs from agencies.)