Chevron likely to get expanded Venezuela license from US this week, sources say

• The expanded license could allow Chevron to boost production levels from Venezuela beyond current restrictions
• The anticipated approval comes as part of ongoing U.S. policy adjustments regarding Venezuelan energy sanctions
• Chevron confirmed it maintains compliance with all regulations but did not provide details on the potential license expansion

Summary

Key Development:

Chevron is expected to receive an expanded Venezuela operating license from the U.S. government this week, according to oil industry sources cited by Reuters on January 14, 2026. The enhanced license could permit increased oil production from Venezuela.

Companies Involved:

• Chevron Corporation is the primary company mentioned, operating under existing U.S. sanctions frameworks in Venezuela

Regulatory Context:

The expanded license represents a potential easing of U.S. sanctions on Venezuelan oil operations. Chevron confirmed through a spokesperson that it operates in full compliance with all applicable laws, regulations, and sanctions frameworks, though did not directly confirm the license expansion.

Market Implications:

• The license expansion could lead to increased Venezuelan oil production, potentially adding supply to global markets
• This development comes amid ongoing geopolitical considerations affecting global energy supply chains
• Related Reuters articles indicate broader energy market activity, including Venezuela shipments resuming and ongoing OPEC demand forecasts through 2027

Timing:

The license is anticipated to be granted within the week of January 14, 2026.

Significance:

This represents a notable shift in U.S.-Venezuela energy relations and could impact global oil supply dynamics. Any production increases from Venezuela would be particularly relevant for energy traders monitoring supply-demand balances and crude oil pricing. The move may signal evolving U.S. policy toward Venezuelan energy sector engagement while maintaining regulatory oversight.