The possibility of Chevron to draw oil In Venezuela today (24.7.25) the Donaldramp government restored (24.7.25).
The deal on Chevron and oil took place at about the same time that Washington and Caracas entered into an agreement on the release of 10 Americans held in Venezuela, while 250 Venezuelans who were imprisoned in El Salvador returned to their country.
The key to the agreement was to assure that no right or tax would benefit the government of Venezuelan socialist leader Nicolas Maduro, according to Bloomberg sources.
Future oil contracts have reduced part of their previous profits after the news of the government’s movement, which increases the prospect of increasing supply in a market that is already facing the threat of over -duty. Brent Crude was just 0.1% higher for the day at $ 68.57 a barrel at 1:05 pm New York time.
A White House spokesman did not immediately respond to a request for comment. Wall Street Journal was the first to mention this move.
“Chevron is practicing its activities worldwide in accordance with the laws and regulations applicable to its activities, as well as in the frameworks provided by the US government, including Venezuela,” Chevron spokesman Bill Turenne said in a statement.
The US has recalled Chevron’s license to pump oil in Venezuela earlier this year as part of President Donald Trump’s efforts to put pressure on the Maduro government. The decision to block the company’s activities was welcomed by national security hard -core in the Trump government, including Foreign Minister Marco Rubio.
The license would allow the Houston -based oil giant to resume production in his factories in Venezuela, following a mandate in May to limit his activities. It would also help to pump the US dollars in the Venezuelan economy, which shows signs of recession.
Chevron’s permission to operate in Venezuela has become a negotiating paper in talks between Maduro and the US, and members of the Trump government have supported different approaches. Rubio has supported a harsh stance, while special envoy Rick Grenell and others have pushed for a more trading relationship.
Supporters of Chevron’s production re -launch had argued that without the presence of the US company in the country, crude oil benefited China. The price of oil – and the US domination of its production – is also a key issue for Trump.
Shortly after his swearing -in at the end of January, Grenell met with Maduro in Caracas, where he negotiated the resumption of direct deportation flights and the release of six US prisoners. In May, he recovered a seventh American a few days after the return of a young child from Venezuela to the US, whose parents had been deported. Over 8,000 Venezuelans have been repatriated.
Chevron was a vital salvation for Venezuela, where it was the only major American oil company left in the country. In 2022, the Biden government granted the company permit that allowed it to produce oil in the South American country and resume crude oil exports, but banned it from expanding its activities.
The company’s oil production, which operates through joint ventures with the state -owned Petroleos de Venezuela SA, amounted to more than 240,000 barrels a day on May 27, when the license expired. It represents about 25% of the production of the oil producer and has contributed to the increase in total production of over 1 million barrels a day.
The US has introduced about 250,000 barrels a day from Venezuelan crude oil, mainly for the bay refineries. Valero Energy Corp., the third largest US fuel production company, was the largest oil user from Venezuela at the end of 2024, followed by Chevron, who uses crude oil in its own refineries and sells it to others.