The Trump administration's decision to let Chevron (NYSE:CVX) resume producing and exporting Venezuelan crude is set to increase crude supplies for U.S. refiners by more than 200K bbl/day, Bloomberg reported Friday.

Venezuela might well be sanctioned by the U.S., but President Trump is making an exception for its oil. Per the WSJ, U.S. oil giant Chevron ( CVX) will soon be able to extract oil in the South American country. Specifics on the deal remained unclear. Its stock is 1.45% higher on the news.

The Trump administration is reportedly considering granting limited authorizations to a handful of oil companies operating in Venezuela, with Chevron first in line

The U.S. government is evaluating the possibility of authorizing Chevron and potentially other European partners of PDVSA to operate in Venezuela, marking a potential policy shift. This comes as the U.

The acquisition of Hess—and its stake in a generational oil find—helps clear up lingering doubts about Chevron’s growth prospects.

An arbitration court in Paris ruled that Chevron could proceed with its $53 billion acquisition of Hess, which had been on hold since 2023 as ExxonMobil contested the deal.

As inflation surges under President Trump’s renewed sanctions, Venezuelan authorities are trying to keep a lid on the country’s worsening financial situation.