Chevron Corporation announced that it expects to resume limited exports of Venezuelan crude oil to the United States within August 2025. This development follows the reversal by the Trump administration of an earlier decision to cancel Chevron's license to operate in Venezuela. Venezuelan oil exports declined by approximately 10% in July to 727,000 barrels per day as partners, including Chevron, awaited U.S. authorization to resume shipments. The resumption of Chevron's operations is anticipated to revive a key supply stream of heavy crude oil to U.S. refiners. Additionally, the restart of Chevron's activities in Venezuela has been linked to a stabilization of the Venezuelan bolívar, according to Oxford Economics. Meanwhile, Venezuela’s state oil company PDVSA reportedly quadrupled its oil shipments to Cuba in July compared to the previous month. The broader context includes ongoing shifts in global oil trade and sanctions, with Russia experiencing significant losses in trade with the European Union and India continuing to import discounted Russian crude despite U.S. sanctions. The EU is advancing its 2027 gas exit plan amid these dynamics.