US oil major Chevron is in discussions with the Trump administration to broaden a key authorization that would allow the company to increase crude oil exports from Venezuela, including shipments to its own refineries and potentially to third-party buyers, four sources familiar with the matter told Reuters.
The talks coincide with negotiations between Washington and Caracas to supply up to 50 million barrels of Venezuelan crude oil to the United States. US officials stated that revenues from these shipments would be managed by a US-supervised trustee, with funds earmarked for purchasing American goods for Venezuela.
This mechanism is intended to help state-owned Petróleos de Venezuela, S.A. (PDVSA) reduce inventories following the removal of President Nicolás Maduro by U.S. forces in early 2026.
Notably, PDVSA is the state-owned corporation responsible for the exploration, production, refining, and exporting of oil and natural gas in Venezuela.
Chevron, the only US major currently operating in the country, functions under a sanctions exemption that was tightened in July 2025. Consequently, Chevron’s exports to the US fell to approximately 100,000 barrels per day (bbl/d) in December 2025, down from roughly 250,000 bbl/d earlier that year.
An expanded license would allow the company to restore exports to prior levels and resume supplying international business partners.
Washington is also encouraging other US companies to participate in Venezuelan exports, including Valero Energy, ExxonMobil, and ConocoPhillips. The prospect of involving companies whose assets were expropriated two decades ago has added strain to ongoing negotiations.
The move marks a shift in policy following years of sweeping sanctions and military pressure imposed by the Trump administration to weaken the previous government’s hold on power.
In early 2026, US forces carried out a high-profile operation that captured Maduro and removed him from power, with Trump announcing US management of Venezuela to oversee a transition and restructure its oil sector.
