Chevron Corporation (NYSE:CVX) is set to receive a limited license from the Trump administration that would only allow for essential maintenance and safety operations in Venezuela, as per Bloomberg.Bloomberg News reports that the United States plans to grant Chevron a license for minimum maintenance in Venezuela

The waiver, which is scheduled to take effect on May 27, will reverse the more expansive permissions that President Biden gave in late 2022. In contrast to the initial anticipation of a 60-day extension, Secretary of State Marco Rubio confirmed the expiration. As of right now, the Treasury Department has not responded.

The new license will be similar to the one Chevron Corporation (NYSE:CVX) had until November 2022, which permitted a minimal operational area but prohibited further investments and the export of crude. To convince President Nicolás Maduro to participate in election talks, Biden extended that previous permission to allow for the production and export of oil. In February 2025, Trump removed that broader license. The administration's shift toward applying pressure to the Maduro regime while restricting the presence of US corporations is further shown by Rubio's recent discussions with opposition leaders.

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