Chevron granted more time to unwind Venezuelan oil-export license

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has extended the time Chevron Corp. has to wind down oil exports from Venezuela. 

On Mar. 24, OFAC said the license revocation would be moved to May 27 from Apr. 3. The move comes following President Donald Trump’s meeting with Chevron chief executive officer Mike Worth and other oil and gas company executives the week of Mar. 17.  

The change also comes as President Trump noted plans to impose additional tariffs. Trump said any country that buys oil and gas from Venezuela will face a 25% tariff on trades with the US. 

President Trump noted on Truth Social in February his plan to revoke the license that allowed Chevron to extract and export a limited amount of oil and oil products from Venezuela to the US, and news about the wind down came from the US Treasury Department Mar. 2 (OGJ Online, Mar. 3, 2025).

About the initial revocation, Pres. Trump said Caracas had not transported "violent criminals" deported from the US quickly enough.