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Chevron’s risky bet to stay in Venezuela may now give it an advantage
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An oil refinery in El Palito, Venezuela, in 2020. Chevron is the only US oil company authorised to export oil from Venezuela.
PHOTO: NYT/ADRIANA LOUREIRO FERNANDEZ
Rebecca F. Elliott
NEW YORK - In 2025, Chevron appeared to be running out of time in Venezuela.
The company was the last major US oil company still producing oil in the South American country, many years after others, such as Exxon Mobil and ConocoPhillips, had left. For years, Chevron muddled along under short-term exemptions from US sanction policies. In February, US President Donald Trump said he would effectively block the company from producing in Venezuela, before reversing course in the summer of 2025.
