Chief warns country could be vulnerable to Chinese, Russian influence if it is forced to abandon operations there

The US Gulf Coast heavily relies on Venezuelan crude, with imports hitting a six-year high. While Trump has left room for maneuvering on Venezuela, he is unlikely to cut off imports entirely. Disruptions to this supply would force refiners to seek lower-quality alternatives, threatening energy stability.

However, their simplistic argument does not withstand scrutiny. Evidence shows that U.S. sanctions significantly contributed to Venezuela’s economic implosion, while the easing of sanctions in recent years has been associated with a moderate economic recovery that has helped alleviate the worst of the country’s economic crisis.

The United States and Venezuela navigate a complex relationship involving sanctions, oil licenses, and disputed elections. Controversies persist over diplomatic interactions during and after the presidencies of Trump and Biden.

President Nicolás Maduro of Venezuela aimed for a democratic election amid US economic sanctions, offering Chevron a permit to export Venezuelan oil. Despite an unfair election and criticism, oil revenues have bolstered Venezuela's economy.

President Nicolas Maduro looks on during a press conference after testifying before the electoral chamber at main headquarters of the Supreme Court of Justice on Aug. 2, 2024, at the Miraflores presidential palace in Caracas, Venezuela.

Venezuela's oil production is rebounding as tanker ships return to its coast, yet Maduro's recent election is criticized for lack of fairness.

Oil and gas producer Chevron said on Tuesday it plans to build natural gas-based power plants next to data centers in the U.S., as energy demand to support the growth of artificial intelligence is expected to boom.

FTChevron is seeking to protect a special US license allowing it to operate in Venezuela, saying China and Russia will gain influence in the oil-producing nation, and the western hemisphere, if it is forced out by Donald Trump’s

Venezuela’s Nicolás Maduro is moving ahead with plans to sell a key fertilizer plant in Colombia in a quest to shore up revenue for his country’s ailing economy, squaring him against President Gustavo Petro.

Chevron reported fourth-quarter earnings that missed analysts’ expectations. The stock fell in premarket trading. The oil major said that adjusted earnings per share were $2.06, down from $3.45 a year earlier.

UNIONDALE, NY / ACCESS Newswire / January 30, 2025 / Marquis Who's Who celebrates Andres Illarramendi for his contributions to the energy sector.