Chevron (CVX) is set to receive an expanded U.S. license this week to operate in Venezuela, allowing increased crude production and exports. Reports say the license could arrive as soon as tomorrow, enabling shipments to the company’s refineries and other buyers (Ed. note: timing was reported as soon as tomorrow).
A Chevron spokesperson said the company operates in compliance with all laws, regulations, and sanctions frameworks. The firm remains the last major U.S. oil company with operations in Venezuela.
Several U.S. approvals are expected to allow more firms to do business in Venezuela. Oil companies, traders and refiners are seeking access to the country’s heavy crude.
Chevron had been in talks with the U.S. government to expand a key license to operate in Venezuela. That expansion would let it boost crude exports to its refineries and sell to other buyers.
Some investment experts say oil stocks could be a solid bet in 2026 given the U.S.–Venezuela situation. Forecasts for top names like Exxon Mobil (XOM) and CVX reportedly remain unchanged, though they could rise if U.S. control of Venezuela’s oil supply increases.
Shares of CVX were up more than 2% on Wednesday and over 10% in the last five days.
