According to its CEO, the initial shipments will help settle part of the company’s outstanding debt and gradually restore production. Photo: LesPalenik/Shutterstock.com.
Guacamaya, August 2, 2025. U.S. oil company Chevron will resume production and export of Venezuelan crude this August in limited volumes, according to an announcement by its CEO, Mike Wirth. The statement comes after months of suspense and negotiations between the United States and Venezuela, within the framework of U.S. sanctions policy against the Caribbean nation.
“This month, it appears that a limited amount of oil will begin flowing to the United States from the Venezuelan operations in which we have an interest, in accordance with U.S. sanctions policy,” said Mike Wirth during a conference call with analysts on the company’s quarterly results, as reported by AFP.
During the call, Wirth noted that he does not expect a significant financial impact for Chevron in the third quarter, though he emphasized the importance of Venezuelan crude to the company. “Venezuelan crude is highly sought after in the United States, where Gulf Coast refineries have been adapted for oil of that origin, which is heavier and has a higher sulfur content,” he said.
The production restart follows the issuance of a restricted license by the U.S. Treasury Department, allowing Chevron to operate in Venezuela under a framework that prevents direct cash flow to Nicolás Maduro’s government. The agreement permits tax and royalty payments to Venezuela in the form of goods or oil swaps.
Before the previous licenses were revoked in April, Chevron imported up to 250,000 barrels per day of Venezuelan crude in the first quarter, accounting for 29% of the country’s total exports, according to Reuters. For now, other foreign oil companies with projects in Venezuela are awaiting the green light to resume similar operations.
(With reporting from AFP and Reuters)
