Chevron to Resume Venezuelan Oil Exports to U.S. in August After 10% July Drop; Valero Talks Restart Supply Deal

Chevron's CEO announced that the company expects to resume limited exports of Venezuelan oil to the United States within August 2025. This development follows the reversal of a previous decision by the Trump administration to cancel Chevron's license to operate in Venezuela. In July 2025, Venezuela's oil exports declined by 10% to 727,000 barrels per day as partners, including Chevron, awaited U.S. license approvals. Meanwhile, Venezuela's state oil company PDVSA significantly increased its shipments to Cuba, quadrupling exports compared to the previous month, and exported 95% of its oil to China in July. Additionally, Chevron and U.S. refiner Valero are reportedly in negotiations to resume their Venezuelan oil supply agreement, which would restore a key heavy crude supply stream to U.S. refiners. Oxford Economics noted that Chevron's resumption of operations in Venezuela helped reverse the devaluation of the Venezuelan bolívar.