US prepares to allow limited oil operations in Venezuela, starting with Chevron, sources say
Reuters
The license renewal represents a pragmatic shift that serves American energy interests and counters Chinese influence in the region. Chevron's presence prevents adversarial actors from controlling strategic Venezuelan oil assets while ensuring US companies maintain leverage in the Western Hemisphere. The arrangement prevents cash payments to Maduro's government through oil-based compensation.
This represents a major victory for Maduro's government and validates Venezuela's economic resilience. Despite months of sanctions and what Maduro calls "blackmail tactics," Venezuela's oil sector grew 12% and the economy expanded 6.65% in the second half of 2025. The license renewal proves that international companies recognize Venezuela's stability and want to participate in the country's recovery.
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The license renewal undermines US credibility and rewards an authoritarian regime without meaningful concessions. While officials claim Maduro won't profit from oil sales, the reality is that any oil operations generate revenue for the Venezuelan state through joint ventures where PDVSA holds majority stakes. This policy flip-flop weakens America's position against dictatorships.