The U.S. government will extend Chevron’s sanction waiver in Venezuela for another 60 days, Bloomberg reported, citing a source familiar with the matter. This extension allows Chevron to continue its oil operations in Venezuela while negotiations with the Maduro government proceed.
In March, the Trump administration gave Chevron 30 days to wind down its Venezuela business, threatening to disrupt the supply of heavy crude to Gulf Coast refineries. At that time, about 240,000 barrels per day of Venezuelan crude went to these refineries.
The government later granted a 60-day extension, letting Chevron keep producing and shipping Venezuelan oil to U.S. refineries. Chevron currently produces about 20% of Venezuela’s oil output.
Chevron had plans to increase exports from its Petropiar operation by 50% this year, aiming for 143,000 barrels per day. This extension could help those plans move forward, especially if the Trump administration pursues its idea of exchanging sanctions for tariffs and prolonging Chevron’s license.
In April, President Trump signed an executive order imposing a 25% tariff on countries importing Venezuelan crude. Despite this, many major importers have continued buying, though some volumes have dropped.
Meanwhile, U.S.-Venezuela talks are ongoing, currently focusing on the return of illegal immigrants to Venezuela. Recent progress in these talks may improve bilateral relations and positively impact Chevron’s future in Venezuela, which holds the world’s largest crude oil reserves.
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