U.S. Government Plans to Extend Chevron License for 60 Days
The Donald Trump administration plans to extend General License 41, which allows Chevron to operate in Venezuela despite sanctions.
Economy
Understand how the Venezuelan economy moves.
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Reuters: Chevron’s Boscan crude from Venezuela now bound for China
Venezuela’s state-owned oil company, PDVSA has started to export heavy crude that has been shipped by Chevron since 2022.
OPEC: Venezuela’s April oil production may have fallen by 34,000 barrels per day
The monthly report from the OPEC records a drop in oil production of 34,000 barrels per day (bpd) for the month of April.
Reuters: Venezuelan crude labeled as Brazilian upon arrival in China to evade sanctions
In the last year, more than $1 billion worth of Venezuelan oil has been labeled as Brazilian crude upon arrival in China.
Gustavo Petro Wants Ecopetrol to Buy Monómeros
Colombian President Gustavo Petro has proposed that the state-owned energy company Ecopetrol purchase the fertilizer producer Monómeros, owned by Petróleos de Venezuela, S.A. (PDVSA).
Reuters: Venezuela’s Oil Exports Drop 20% in April Due to Chevron’s Exit
Reuters estimates that Venezuela’s oil exports fell by 20% in April, averaging 700,000 barrels per day (bpd). This would be the lowest level in nine months.
Central Bank of Venezuela: Economy Grew by 9.32% in the First Quarter
The Central Bank of Venezuela (BCV) reported on Thursday that the Venezuelan economy grew by 9.32% in the first quarter of 2025. However, this figure drastically differs from estimates by multilateral or non-governmental organizations, which predict a recession this year.
Maduro Announces Increase in “Comprehensive Minimum Income” Without Adjusting Wages
Venezuelan President Nicolás Maduro announced on Wednesday an increase in the “Ingreso Mínimo Integral” or “Comprehensive Minimum Income” (IMI) from 130 to 160 U.S. dollars—according to the official exchange rate—on the occasion of Labor Day.
New Trinidad Prime Minister Will Still Seek Venezuelan Gas
The new government of Trinidad and Tobago said that it will open discussions with Washington DC to access gas fields across the sea border with Venezuela, as reported by Argus.
Repsol in Talks with U.S. to Maintain Operations in Venezuela
This Wednesday, Josu Jon Imaz, CEO of Repsol, shared that the Spanish company is in direct talks with the U.S. government to continue operating in Venezuela.