Overview

• Chevron's license to operate in Venezuela will expire on May 27, with no extension granted, as confirmed by Secretary of State Marco Rubio.
• The decision follows President Trump's cancellation of Biden-era exemptions that allowed limited U.S. operations in Venezuela's oil sector.
• Envoy Ric Grenell's earlier claims of a potential extension were contradicted by Rubio and State Department spokeswoman Tammy Bruce, who clarified the license will not be renewed.
• Venezuelan oil exports dropped nearly 20% in April due to PDVSA canceling Chevron cargoes, with further declines expected as sanctions tighten.
• The U.S. Treasury has also revoked licenses for other firms, including Maurel & Prom, Eni, and Repsol, further limiting Venezuela's oil trade.