Overview

• Chevron’s operating license in Venezuela expired on May 27 under the Trump administration’s revocation process.
• The company has terminated its oil production, service and procurement contracts in Venezuela and delegated joint-venture governance to state oil firm PDVSA.
• U.S. Treasury guidance allows Chevron to preserve its equity stakes and physical assets but bars field operations, oil exports and any activity expansion.
• PDVSA canceled planned April cargoes citing payment uncertainties, and U.S. firms had until May 27 to receive existing Venezuelan oil shipments under expiring authorizations.
• Analysts forecast that Venezuela’s oil output could drop by 15–30% by late 2026 without Chevron’s full participation in its joint ventures.