Overview

• The administration has reissued a six-month license to Chevron to produce and export Venezuelan crude to the United States under conditions designed to block revenue reaching Maduro’s government.
• The license permits Chevron to pay oilfield contractors and import equipment needed to restore production capacity under U.S. sanctions regulations.
• U.S. officials are discussing similar short-term authorizations for European partners Eni and Repsol as part of a broader shift from a “maximum pressure” sanctions strategy.
• Gulf Coast refiners that pivoted to Middle Eastern and South American crudes may re-evaluate their sourcing strategies if Venezuelan oil returns under the new framework.
• The policy reversal follows a mid-July prisoner swap and aims to reassert U.S. influence over Venezuela’s oil sector while curbing China’s expanding role.