Washington and Caracas have reached an agreement to export up to $2 billion worth of Venezuelan crude oil to the United States, according to sources cited by Reuters. The deal involves redirecting oil exports away from China, which has served as the top buyer for Venezuela over the last decade, particularly since the U.S. imposed sanctions on oil trade with the country in 2020.
President Donald Trump stated in a social media post that Venezuela will be turning over
between 30 million and 50 million barrels of sanctioned oil
to the U.S. Trump indicated that this oil will be sold at market price and that he, as president, will control the resulting funds to ensure they benefit both the United States and the people of Venezuela.
Chevron’s Expanding Role and Production Goals
Chevron is currently the only U.S. firm authorized to export Venezuelan oil, having maintained uninterrupted loading and shipping of crude in recent weeks despite a blockade imposed by the Trump administration in mid-December. The company has been exporting between 100,000 and 150,000 barrels per day (bpd) to the U.S. through its three joint ventures with Petróleos de Venezuela (Pdvsa).
According to CFO Eimear Bonner, Chevron has increased its Venezuelan production from 40,000 bpd to 250,000 bpd in recent years, representing a 525% increase. Production has grown at an interannual rate of 12% over the last six months, with the company expected to reach 280,000 bpd soon. Chevron’s strategic objective is to increase production by another 50% by the end of 2028, which would bring its total to 420,000 bpd.
Recent expansions include an asset exchange agreement announced in mid-April, through which Chevron increased its stake in PetroIndependencia by 13.21%, bringing its total participation to 49%.
U.S. Investment and Infrastructure Recovery
Beyond current exports, Chevron and other U.S. energy firms are negotiating deals to invest billions of dollars into the development of Venezuelan oil fields. Reports indicate Chevron is close to an agreement that would allow it to expand operations by incorporating two new heavy crude fields. Halliburton is also in discussions to provide the technology, equipment, and services necessary for the recovery and production of these fields.
These negotiations aim to address the severe deterioration of Venezuela’s oil industry. While Venezuela possesses the world’s largest proven oil reserves, much of its infrastructure requires large-scale investment to restore extraction levels. U.S.
Political Context and Market Logistics
The shift in oil supply follows a period of intense U.S. pressure on the government of President Nicolas Maduro, which culminated in a U.S. military operation on January 3, 2026, to exfiltrate Maduro and his wife from Caracas. Following these events, Rodriguez was sworn in as interim president on Monday, though she remains under U.S. sanctions imposed in 2018.
The logistical transition of oil flows involves several key factors:
- Pricing: Venezuela has been selling its Merey flagship crude grade at approximately $22 per barrel below Brent for delivery at Venezuelan ports.
- Sales Mechanisms: U.S. and Venezuelan officials have discussed using auctions to allow U.S. buyers to bid for cargoes.
- Financial Constraints: Because PDVSA is excluded from the global financial system and its bank accounts are frozen, it remains blocked from executing transactions in U.S. dollars.
The Trump administration’s strategy seeks to provide U.S. private companies total access
to the Venezuelan oil industry, aiming for a quick implementation to secure a political and economic win for the administration.
