From Yahoo Finance: 2025-05-23 04:16:00

The license allowing Chevron Corporation (NYSE:CVX) to operate in Venezuela will expire on May 27, as per US Secretary of State Marco Rubio. President Trump had revoked the license, accusing President Maduro of lack of progress. Chevron’s exit will impact Venezuela’s economic growth as it supplies 20% of the country’s output.

Chevron Corporation (NYSE:CVX) had until May 27, 2025, to wrap up its operations in Venezuela, as announced by the State Department. This decision contradicted earlier statements about extending the deadline. Chevron’s exit will affect the country’s oil production and economic growth, as it is a significant player in the region.

Chevron Corporation (NYSE:CVX) had ambitious plans for its Venezuelan operations, aiming to boost exports by 50% this year. The company’s total output in Venezuela surpassed 250,000 b/d last week, representing a significant portion of its global production. Chevron’s exit will have implications for both the company and the country’s economy.

Read more: State Department Tells Chevron to Leave Venezuela