Wedoany.com Report-Feb 25, Chevron Corp., a Houston-based oil company, plays a significant role in Venezuela’s economic recovery by boosting the nation’s crude oil production. Operating under a U.S. waiver despite sanctions on Nicolás Maduro’s government, Chevron has helped Venezuela surpass 1 million barrels per day, a milestone not seen in years. This increase supports an economy heavily reliant on oil revenue. The company’s activities stem from a 2022 license, enabling exports to reach a seven-year peak, providing a financial boost as the country emerges from a severe downturn.

With over a century of presence in Venezuela, Chevron’s influence has grown recently. The dollars earned from oil sales remain in the country, converted into local currency through private banks. These funds support lending to businesses, fostering growth independent of government control. Some benefits reach consumers, evident in new luxury stores, retail outlets, and car dealerships in Caracas, though many Venezuelans still face poverty.

Donald Trump, the U.S. President, views Chevron’s operations as a means to influence Maduro’s administration. In late January, he sent adviser Ric Grenell to Caracas, securing the release of six American prisoners and resuming deportation flights. While energy topics may not have been central to these talks, Chevron’s license renewed automatically for six months on February 1, as it does monthly. Trump, speaking at Mar-a-Lago on February 18, indicated that the company’s role in Venezuela remains under review, saying: “Maybe not,” when asked about continuing oil exports.

David Goldwyn, an energy expert at the Atlantic Council, noted: “The license is a very challenging card to play.” He highlighted Chevron’s efficiency as beneficial to both nations, stabilizing Venezuela’s economy and reducing migration pressures. Canceling the waiver could disrupt this progress, potentially increasing government oversight of oil trading and affecting revenue flows.

Venezuela’s gradual recovery hinges on such external factors, with Chevron’s operations offering a lifeline amid sanctions. The license’s future could shape economic trends and U.S.-Venezuela relations. Trump’s administration has not clarified its stance, as White House officials did not respond to inquiries on February 21. The situation remains fluid, with decisions pending that could impact Caracas and beyond. Chevron’s long-standing role underscores its importance to Venezuela’s oil-dependent landscape, balancing economic needs with international oversight.