New Oil Export Pact for Venezuela Could be in the Works - sources

The cancellation of a license for Chevron to operate in Venezuela could lead to the negotiation of a fresh agreement between the U.S. producer and state company PDVSA to export crude to destinations other than the United States, sources close to the talks said.

U.S. President Donald Trump said on Wednesday he was reversing the license, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

U.S. Secretary of State Marco Rubio later said on X he would provide foreign policy guidance to terminate all oil and gas licenses to companies operating in Venezuela "that have shamefully bankrolled the illegitimate Maduro regime".

Companies including Repsol, Eni and Maurel & Prom also have access to Venezuelan crude under U.S. authorizations.

As of Thursday morning, the U.S. Treasury Department had not published any license cancellation terms nor set a deadline to wind down oil exports from Venezuela, which resumed crude sales to the United States in early 2023 after a 4-year pause.

Oil cargoes chartered by Chevron were departing as scheduled from Venezuelan ports bound for the United States, according to vessel monitoring