Chevron Corporation announced on December 18 2025 that it is preparing to export up to one million barrels of crude oil from Venezuela, a move that continues its regulated exports under U.S. Treasury Department licenses that allow the company to operate in the country despite intensified sanctions earlier in the year.
The announcement clarifies that the shipment is not the first since sanctions tightened; Chevron has been exporting Venezuelan crude under specific licenses throughout 2025, including a pair of cargoes dispatched to U.S. Gulf‑Coast refineries in August that were cleared under a new waiver. The current export will use the same licensing framework, ensuring compliance while sustaining a revenue stream for both Chevron and the Venezuelan economy.
Venezuela represents a low single‑digit percentage of Chevron’s global production, yet the export is strategically important. The heavy, sour crude is a key feedstock for U.S. refineries that are configured to process Venezuelan oil, and the revenue generated helps support the Venezuelan government’s foreign‑currency needs. The volume—roughly 1 million barrels—equates to about 3 % of Chevron’s total Venezuelan output for the year, underscoring the company’s continued, albeit limited, presence in the region.
In a statement, Chevron’s chief executive Mike Wirth emphasized that the company is operating “in full compliance with U.S. law and sanctions frameworks” and that the export will proceed “without disruption.” A Chevron spokesperson added that the company remains in ongoing discussions with the U.S. administration to ensure continued adherence to all applicable regulations.
The export carries geopolitical weight. With the U.S. threatening a naval blockade of Venezuelan ports in December, Chevron’s ability to move oil under license positions it as the only U.S. oil major still active in the country. Analysts note that while the shipment is modest in global terms, it provides a critical lifeline for Venezuela’s revenue and may influence the balance of power between the Maduro regime and U.S. policy objectives.
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