It was reported on May 22, 2025, that the license allowing Chevron Corporation (NYSE:CVX) to operate in Venezuela will expire on May 27. Let's shed some light on the development.State Department Tells Chevron to Leave Venezuela

An aerial view of an oil rig at sea, the sun glinting off its structure.

US Secretary of State Marco Rubio said in a post on X that Chevron Corporation (NYSE:CVX)'s U.S. license to operate in Venezuela will expire on May 27 as planned. On February 26, 2025, President Donald Trump stated that he would revoke the license issued by his predecessor Joe Biden more than two years ago, accusing Venezuelan President Nicolas Maduro of not making progress on electoral reforms and migrant returns. The oil major had until May 27, 2025, to wrap up its business in the South American country and leave.

Notably, Rubio's post contradicted earlier statements by Richard Grenell, the President’s envoy for special missions, who had asserted that the White House is set to extend Chevron Corporation (NYSE:CVX)’s deadline to halt its operations by another 60 days as negotiations with the Maduro government continue. When asked about these conflicting messages, State Department spokeswoman Tammy Bruce confirmed that Rubio had made it clear that the license 'will expire'.

The development comes as a major blow for Chevron Corporation (NYSE:CVX), which has amped up production to supply about 20% of Venezuela’s output and is now a key driver for the country’s economic growth. The oil and gas company had even revealed big plans for its Venezuelan operations, aiming to boost exports from just one of them, Petropiar, by as much as 50% this year to a total of 143,000 barrels daily. Chevron's total output in the South American country surpassed 250,000 b/d last week, representing a significant chunk of its overall global production.

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