The gradual return of Venezuelan crude to the U.S. market will also impact regional fuel prices. Photograph: Robert Way / JHVEPhoto | Shutterstock
Guacamaya, August 6, 2025. U.S. energy companies Chevron and Valero Energy are engaged in advanced talks to resume the supply of Venezuelan oil to refineries in the United States. The information, revealed by Reuters, highlights that the agreement had been on hold and was revived following a new license granted to Chevron.
Although Venezuela remains under international sanctions, the administration of Donald Trump recently issued a new restricted authorization to Chevron for oil production and export from the South American country. Chevron CEO Mike Wirth disclosed a few days ago that limited shipments of Venezuelan crude would resume in August.
So far, according to sources consulted by Reuters, the rapprochement between the two companies includes the possibility of restarting ship-to-ship transfers near Aruba. This would first require progress in vessel inspections and contract negotiations, which could be finalized in the coming weeks, one source said.
During the first quarter of 2025, before the license was suspended, Chevron was supplying Valero Energy with around 50,000 bpd of Venezuelan crude off the coast of Aruba. This accounted for 20% of Chevron’s total exports of Venezuelan oil. For Venezuela, this could represent a significant source of revenue.
Meanwhile, Venezuela’s state-owned oil company Pdvsa is reportedly preparing delivery shipments for export. The agreement’s resumption is crucial for Chevron’s second-largest joint venture in the country, Petroboscan, located in western Venezuela. The facility faces storage limitations for the heavy Boscán crude extracted by the partnership, which has previously led to production cuts.
Although neither Chevron nor Valero officially responded to Reuters’ requests for comment, the mutual interest is evident. Chevron CEO Mike Wirth emphasized that Venezuelan heavy crude is highly sought after in the United States. Of Valero’s 15 refineries worldwide, seven are located on the U.S. Gulf Coast.
