US Allows Chevron to Restart Pumping Oil in Venezuela
Bloomberg2 days
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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This license renewal serves America's strategic interests, as the presence of Chevron in Venezuela protects U.S. energy influence in the Western Hemisphere and prevents Chinese dominance over strategic assets in that country. Furthermore, the new arrangement ensures the Maduro regime won't benefit from oil sales.
Despite assurances that this renewal won't benefit Maduro, history tells a different story: Chevron’s oil operations in Venezuela have sponsored his authoritarian regime by providing it with critical revenue. These funds help sustain state institutions loyal to Maduro, suppress dissent and delay democratic reform. By continuing its business under U.S.-granted licenses, Chevron indirectly enables the regime’s grip on power while ordinary Venezuelans endure economic collapse and repression.