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Chevron Steers Risky Path to Oil’s Biggest Prize in Venezuela

GenevaTimes by GenevaTimes
December 20, 2025
in Business
Reading Time: 1 min read
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Relations between Maduro and the US government, however, steadily worsened. Trump in his first administration placed sanctions on Venezuela’s oil industry, and President Joe Biden maintained them, sparking a period of intense lobbying by Chevron in Washington. Chevron argued that its Venezuelan oil played a critical role in US energy security, because Gulf Coast refineries are set up to run the heavy crudes that  Venezuela produces, people familiar with the lobbying efforts said at the time. Leaving the country would only hand more assets to Maduro while creating a void that Russian and Chinese companies could exploit, they said. 

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