According to a Reuters exclusive citing an industry source, Chevron Corporation (CVX) is expected to receive an expanded U.S. license to operate in Venezuela this week. If approved, the license could allow higher oil output and more exports from the country. At the same time, the report notes that the move would mark a shift in how U.S. firms can engage with Venezuelan oil.
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Chevron is expected to be one of several companies receiving approval from the Trump administration. The report says oil producers, traders, and refiners are seeking access to Venezuela’s heavy crude. Chevron is currently the only U.S. oil major producing and exporting oil from Venezuela under a limited license.
Meanwhile, CVX shares rose 2.06% on Wednesday, closing at $167.24.
Other U.S. Companies in Discussions
Meanwhile, Marathon Petroleum Corporation (MPC) is in talks with the administration to receive Venezuelan crude for its refineries. In addition, Valero Energy Corporation (VLO) is also reported to be in discussions about potential licenses. Global traders Mercuria and Glencore are involved in similar talks, according to industry sources cited by Reuters.
Chevron said it operates in line with all laws and sanctions. Marathon, Valero, and the other firms did not immediately respond to requests for comment. The U.S. Treasury Department’s Office of Foreign Assets Control also declined to comment, which is typical for license matters. For now, the report reflects expectations based on industry sources rather than an official announcement.
Is CVX Stock a Buy or Sell?
On the Street, Chevron holds a Strong Buy consensus rating. The average CVX stock price is $177.47, implying a 6.12% upside from the current price.
