The renewal of Chevron’s operating license in Venezuela is far more than a routine regulatory move. It represents a calculated decision by Washington to preserve influence over a strategically sensitive oil supply at a time when global energy markets remain tight. By allowing Chevron to continue limited production and exports, the U.S. effectively secures a controlled flow of Venezuelan crude while maintaining broader sanctions pressure.

Chevron remains the only major U.S. oil company permitted to actively operate in Venezuela and export its oil back to the United States. Moreover, the licence renewal comes at a time of heightened tensions between Washington and Caracas, with US forces recently seizing a sanctioned tanker off the Venezuelan coast. This underscores the fact that the licence is not the result of political detente, but a pragmatic decision to stabilise oil supplies and limit the space for other global players.

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• Chevron remains the only US company with an active oil…