Chevron gets back to work in Venezuela
But Washington’s apparent detente with Caracas is unlikely to bolster global crude supplies significantly any time soon
Chevron and Venezuela’s state-owned Pdvsa have signed fresh contracts for their joint operations, shortly after the US Treasury Department’s Office of Foreign Assets Control (Ofac) granted the US firm a licence authorising some activities in the sanctioned South American country. Venezuelan petroleum minister Tareck el-Aissami and Javier la Rosa, president of Chevron Venezuela, signed agreements in Caracas in late November “for the continuation of the operations and production activities” of Chevron in Venezuela, state-owned TV channel VTV reported. Chevron, meanwhile, confirms Ofac has granted it a licence that “authorises the production and lifting of petroleum or petroleum products produc

Also in this section
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
19 June 2025
The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
18 June 2025
Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse