Chevron Gets Limited License for Venezuela Oil Export

The Trump administration has granted Chevron a restricted license to resume limited oil production and export a specified amount of crude from Venezuela under strict conditions. The license allows Chevron to manage joint ventures and export oil to the United States, but all proceeds, taxes, and royalties are barred from reaching the Venezuelan government to prevent financial benefit to President Nicolás Maduro's regime. This move reverses earlier policy revocations and comes amid tight U.S. oil supplies and low inventories, particularly of heavy crude needed by domestic refineries. Other European companies have received similar permissions, with transactions structured to avoid funding the Venezuelan state. The decision follows recent diplomatic developments, including a U.S.-Venezuela prisoner swap. The policy aims to balance U.S. energy needs with ongoing sanctions enforcement.