Overview

• The broad U.S. oil license allowing Chevron to operate in Venezuela will expire on May 27, halting its commercial activities.
• The Treasury Department is preparing a narrowly tailored waiver for Chevron, permitting only critical maintenance of essential facilities in Venezuela.
• President Trump’s decision followed pressure from Miami Republican lawmakers, who tied their votes on a major spending bill to the license’s expiration.
• Secretary of State Marco Rubio reaffirmed the license expiration, countering earlier statements by envoy Ric Grenell about a potential extension.
• Venezuela’s oil exports have already dropped nearly 20% in April, with further declines expected as U.S. sanctions tighten.