By Micah Jonah
January 29, 2026
Chevron is set to boost exports of Venezuelan crude to the United States to 300,000 barrels per day (bpd) in March, up from 100,000 bpd in December and around 230,000 bpd so far this month, sources familiar with the plans said on Wednesday.
The U.S. energy giant, the main partner of Venezuela’s state-owned PDVSA, has chartered about a dozen tankers to clear inventories built up since December when a U.S. blockade disrupted the country’s exports.
Chevron-PDVSA joint ventures are currently producing between 240,000 and 250,000 bpd of heavy crude, popular with refiners on the U.S. Gulf Coast. Production cuts applied by PDVSA in early January did not affect Chevron’s operations, the sources added.
Previously the only company authorized by Washington to export Venezuelan oil under sanctions exemptions, Chevron now faces competition from trading firms Vitol and Trafigura, who were recently granted U.S. licenses to ship Venezuelan oil and fuel as part of a $2 billion supply agreement.
Chevron said it remains committed to both current operations and future investments, emphasizing its role in strengthening U.S. energy and regional security. The company is also investing in new infrastructure and upgrading existing facilities in Venezuela.
Earlier this month, Chevron’s Vice Chairman, Mark Nelson, told U.S. President Donald Trump that the company could double crude loading immediately and increase production by 50% over the next two years. Trump is promoting a $100 billion plan to reconstruct Venezuela’s oil sector following the capture of President Nicolas Maduro by U.S. forces.
The interim Venezuelan government led by Delcy Rodriguez is pushing for rapid reforms to the nation’s main oil law to enable new investment.
