US Allows Chevron to Restart Pumping Oil in Venezuela
Bloomberg2 days
Venezuela's Maduro Confirms Reports on Chevron's License Renewal
Above: Venezuela's Nicolás Maduro attends the Independence Day Parade in Caracas on July 5, 2025. Image copyright: Ivan McGregor/Anadolu/Getty Images
The Spin
Pro-Maduro narrative
This renewed sanctions waiver is a major win for Maduro. Despite pressure from Florida Republicans, the Trump administration was left with no other option than to retreat from its coercive maximum pressure campaign as Venezuela's oil sector has proved its resilience.
Anti-Maduro narrative
This license renewal serves America's strategic interests, as the presence of Chevron in Venezuela protects U.S. energy influence in the Western Hemisphere and prevents Chinese dominance over strategic assets in that country. Furthermore, the new arrangement ensures the Maduro regime won't benefit from oil sales.
Establishment-critical narrative
Despite assurances that this renewal won't benefit Maduro, history tells a different story: Chevron’s oil operations in Venezuela have sponsored his authoritarian regime by providing it with critical revenue. These funds help sustain state institutions loyal to Maduro, suppress dissent and delay democratic reform. By continuing its business under U.S.-granted licenses, Chevron indirectly enables the regime’s grip on power while ordinary Venezuelans endure economic collapse and repression.