President Donald Trump, talking to journalists on February 18, 2025, suggests the U.S. may block Venezuela’s oil exports by Chevron.
He responds, “Most likely not,” when requested about permitting shipments, including, “We’re learning that now.” This information stirs uncertainty for Venezuela’s crumbling oil sector and U.S. power markets.
Venezuela boasts 300 billion barrels in reserves, but pumps simply 700,000 barrels each day, down from 3 million within the Nineteen Nineties. Sanctions since 2017 cripple PDVSA, the state oil agency, slashing output and money move.
Chevron, granted a license in 2022, lifts 100,000 barrels each day, a lifeline Maduro’s regime leans on closely. Trump’s first time period noticed fierce sanctions, and now he eyes a return to that strain.
Chevron’s $1–2 billion yearly haul from Venezuela hangs within the steadiness. In the meantime, PDVSA scrambles for mild crude to combine with its heavy Orinoco Belt oil, hit by a stalled Iran swap deal from 2024.
With out diluents, exports—600,000 to 700,000 barrels each day—might tank, gutting Venezuela’s $10 billion annual oil income, 90% of its international money. Chevron’s CEO, Mike Wirth, pushes again, lobbying Trump’s workforce this month to spotlight dangers to U.S. refineries.
Shedding Venezuela’s 50,000–70,000 barrels each day might jolt Gulf Coast provide chains. Analysts see Trump weighing a hardline stance in opposition to Maduro, who clings to energy amid poverty and chaos.
Some on X be aware talks with Venezuelan officers, although particulars keep murky. If Chevron exits, China or India may purchase discounted crude, however earnings would shrink.
The U.S. might faucet Saudi Arabia or Canada to switch Venezuela’s heavy oil, softening the blow. Nonetheless, Chevron’s decades-long stake in Venezuela teeters as Trump mulls his subsequent transfer. For Caracas, already battered, this might deepen an financial abyss.
This brewing resolution ties power, geopolitics, and enterprise in a knot. Trump’s evaluation, due quickly, will form markets and Maduro’s destiny. Observers wait because the White Home balances punishing a foe with conserving oil flowing. Venezuela’s oil saga, as soon as a world powerhouse, now hinges on Washington’s phrase.
