On May 28, 2025, the U.S. government officially revoked the license that allowed Chevron to export oil from Venezuela. The move is part of a stricter sanctions policy by President Donald Trump’s administration targeting Nicolás Maduro’s regime, reports the Baltimore Chronicle, citing Reuters.
Chevron, which had been exporting up to 290,000 barrels of Venezuelan crude per day, is now required to halt production, exports, and any expansion activities in the country. The company will maintain a limited presence to preserve assets and staff, while operational control of joint ventures has been handed over to Venezuela’s state oil firm PDVSA.
This decision also affected other firms, including Maurel & Prom and Repsol, which completed their final transactions and shipped their last oil cargoes before their licenses expired on May 27.
Venezuela, whose economy heavily relies on oil revenue, may face a 15–30% drop in oil output by year-end. Although PDVSA intends to sustain current production levels, analysts forecast a decline due to limited access to diluents and technical support.
Following the news, global oil prices rose: Brent crude increased by 0.4% to $64.34 per barrel, while WTI climbed to $61.13. The gains are being tempered by expectations of higher OPEC+ production and potential new U.S. sanctions on Russia.
Earlier we wrote that Hungary and Serbia to build oil pipeline for Russian crude.