Industry sources say U.S. oil major Chevron Corp, alongside global trading giants Vitol and Trafigura, are among firms vying for roles in managing and exporting Venezuelan crude. The contest underscores renewed interest in accessing Venezuela’s vast oil inventories and future production, even as the country’s energy sector remains under strict U.S. oversight.
According to sources familiar with the discussions, senior representatives of Vitol and Trafigura were expected to join Chevron and other energy companies at meetings held at the White House, where potential frameworks for Venezuela’s oil exports were discussed. Ahead of the talks, the companies have been lobbying aggressively to secure a share of export agreements widely viewed as potentially lucrative.
At the center of negotiations are up to 50 million barrels of crude currently held in inventories by state-run oil firm Petróleos de Venezuela (PDVSA), accumulated during years of sanctions and a sweeping oil embargo that has included multiple tanker seizures. While PDVSA has confirmed that negotiations are progressing, it has declined to provide details.
Chevron, PDVSA’s main joint venture partner and the only major U.S. oil company still operating in Venezuela, is considered well positioned to expand its existing license. Sources say the company could also be authorized to trade a portion of PDVSA’s production. However, unlike in previous years, Chevron now faces competition from foreign trading houses seeking direct access to Venezuelan crude.
PDVSA is reportedly pushing for joint venture partners and former customers to be included in any agreement, as part of efforts to repay debts, expand output and secure fair pricing for different crude grades destined for specific markets.
In a statement earlier this week, the U.S. Department of Energy said it was engaging with commodity marketers and financial institutions to execute and support Venezuelan crude and fuel sales, without naming the companies involved.
Vitol, sources said, has already received a preliminary U.S. license allowing it to begin negotiations for the import and export of Venezuelan oil for an 18-month period. Both Vitol and Trafigura were active traders of Venezuelan crude prior to the imposition of U.S. sanctions in 2019 and are seen as having the logistical capacity to deploy tanker fleets quickly.
Analysts note that while U.S. oil majors are critical to production, large trading houses offer global reach and market flexibility. “International traders bring optionality that producers often lack, making their engagement with the U.S. government a logical step,” said Jean-Francois Lambert of consultancy Lambert Commodities.
The renewed push follows Washington’s declaration that it intends to exercise indefinite control over Venezuela’s oil sales and revenues. U.S. officials have said the policy aims to open the sector to American companies, rebuild production capacity and help ease global energy prices.
Despite the interest, skepticism remains. Analysts and industry executives point to Venezuela’s deteriorated infrastructure, heavy crude quality and persistent political uncertainty as major risks. Several oil majors have indicated that substantial guarantees would be required before committing new investments.
Venezuela’s oil output has fallen sharply over decades, declining to around 1 million barrels per day from 3.5 million bpd in the 1970s. Since 2019, only a handful of companies — including Chevron, India’s Reliance, Italy’s Eni, Spain’s Repsol and France’s Maurel & Prom — have been authorized by the U.S. to receive Venezuelan oil.
In recent years, China absorbed most of Venezuela’s exports through intermediaries. However, that flow has reportedly halted following a recent U.S. naval blockade, further reshaping the contest for control of the country’s oil trade.