Chevron Seeks Expanded U.S. License to Boost Venezuelan Oil Exports

Chevron is negotiating with the U.S. government to broaden its authorization to operate in Venezuela, aiming to ship more crude both to its own refining system and to third-party buyers, according to people familiar with the talks. The move could incrementally add supply to global oil markets, with potential implications for benchmark prices such as Oil – Brent Crude and U.S. benchmark Oil – US Crude, as Washington and Caracas seek to advance discussions on oil flows and sanctions relief. Any expansion of Venezuelan exports would come against a backdrop of already fragile market sentiment driven by demand concerns and geopolitical risks.

Over the past month, Oil – US Crude has declined about 4.15%, reflecting investor caution over global growth and supply dynamics, and currently shows a 1-day technical reading of Strong Sell, suggesting near-term downside pressure in technical models. International benchmark Oil – Brent Crude is down roughly 3.83% over the same period, also flashing a 1-day technical signal of Strong Sell, indicating a similarly bearish short-term setup. These trends highlight that, even if additional Venezuelan barrels materialize, market pricing is currently more focused on soft demand expectations and broader risk-off positioning. Investors can explore more updates, prices, and analysis across global markets at Commodities.