The U.S. renewed the Chevron license in Venezuela in a limited form, tightening restrictions on the oil giant’s operations. The new terms allow Chevron to remain in the country but prevent it from extracting oil.
The U.S. Treasury Department issued the updated license on Tuesday, aligning it with prior Trump-era policies. According to a source close to the matter, the license only permits minimal maintenance of existing equipment. However, it does not authorize any oil production or commercial transactions.
This shift comes just as Chevron’s previous waiver was about to expire. That license had required the company and others to wind down all oil operations in Venezuela. Expectations had been building that an extension might be granted. However, those hopes were recently dismissed.
Secretary of State Marco Rubio confirmed last week that the U.S. would not extend the older license. His statement came shortly after Ric Grenell, a Trump administration envoy, suggested otherwise. Grenell returned from Venezuela with a U.S. veteran who authorities had previously imprisoned. He implied the administration might soften its stance.
Still, the final decision marks a return to more hardline measures. U.S. officials appear intent on keeping pressure on Venezuela’s government while allowing limited U.S. business presence.
Chevron license in Venezuela remains a central topic in energy and foreign policy discussions. The limited scope reflects an effort to balance political strategy with corporate realities. Chevron, one of the last major U.S. companies in Venezuela, must now operate under tighter controls.
While the license enables safety checks and equipment care, it does not allow financial gains. Chevron cannot sell oil, pay taxes, or make deals with Venezuelan authorities.
As a result, the company’s role in the country is now more symbolic than economic. The Biden administration may revisit these rules, but for now, the restriction stands.
Given the international focus on Venezuela’s oil sector, Chevron license in Venezuela will continue drawing attention. Future U.S. actions could either ease or intensify the current limits.
For more updates, visit DC Brief.
