Chevron Seeks Expanded License for Venezuelan Oil Exports

Chevron is negotiating with the U.S. government to expand its license for operating in Venezuela, aiming to boost crude exports. This move aligns with efforts to facilitate the U.S-Venezuela oil agreement. Chevron hopes to return to earlier export volumes after restrictions cut their capacity.

Oil giant Chevron is actively negotiating with the U.S. government to expand its operational license in Venezuela, aiming to increase crude exports to its refineries and other buyers, insiders revealed on Wednesday. This comes as the U.S. and Venezuela seek to finalize a deal for supplying up to 50 million barrels of oil to America.

The Trump administration has tightened restrictions on Chevron's license, reducing Venezuelan crude exports to 100,000 barrels per day, down from 250,000 barrels earlier. The U.S. government is also encouraging other American companies to explore Venezuelan oil markets, despite the ongoing sanctions.

Venezuela's PDVSA is advancing negotiations with the U.S. for oil exports, emphasizing legal and commercial transactions. Meanwhile, U.S. authorities have seized Venezuela-linked tankers, reaffirming that the oil embargo remains firmly in place, affecting sanctioned vessels.

(With inputs from agencies.)