Latest news with #ChevronCorp
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
US Allows Chevron to Resume Oil Operations in Venezuela
Taarek Refaat The administration of President Donald Trump has authorized Chevron Corp. to resume oil production in Venezuela, according to a source familiar with the decision. While full details remain undisclosed, the development follows a prisoner exchange agreement under which 10 American detainees were released from Venezuela, and 250 Venezuelans imprisoned in El Salvador were returned to their country. A key element of the deal is that Venezuelan President Nicolás Maduro's government will not directly benefit from any revenue or taxes, according to the source, who requested anonymity. Following the announcement, oil futures pulled back, as traders weighed the potential increase in global supply. Brent crude rose just 0.1% to $68.57 a barrel as of 1:05 p.m. in New York. The White House did not immediately comment. The decision was first reported by The Wall Street Journal. 'Chevron conducts its global operations in compliance with applicable laws, regulations, and U.S. sanctions frameworks, including those related to Venezuela,' Chevron spokesperson Bill Turenne said in a statement. The U.S. had previously revoked Chevron's license to operate in Venezuela earlier this year as part of efforts by President Trump to exert pressure on the Maduro regime. That suspension was welcomed by national security officials, including Secretary of State Marco Rubio. With the new license, the Houston-based oil major is now authorized to resume production at its Venezuelan sites after operations were halted in May. The move could reintroduce critical U.S. dollars into Venezuela's struggling economy. Chevron's license had become a key bargaining chip in talks between Washington and Caracas. Within the Trump administration, officials were divided: Rubio pushed for a hardline approach, while Special Envoy Ric Grenell and others favored a more transactional relationship. Supporters of the decision argued that excluding U.S. firms would only strengthen China's influence in Venezuela. With oil prices and U.S. energy dominance being central to Trump's agenda, restoring Chevron's operations carried strategic weight. Shortly after taking office in late January, Grenell met with Maduro in Caracas, negotiating the resumption of direct deportation flights and the release of six American prisoners. In May, a seventh U.S. citizen was released, days after a Venezuelan child, whose parents had been deported, was returned to Venezuela from the U.S. Over 8,000 Venezuelans have now been repatriated. Chevron remains a lifeline in Venezuela's battered oil sector. It was the only major U.S. oil firm still active in the country. While the Biden administration granted a limited license in 2022 for Chevron to resume oil production and exports, it restricted operational expansion. Chevron's joint ventures with PDVSA, Venezuela's state oil company, produced over 240,000 barrels per day as of May 27, when the previous license expired. That volume represented roughly 25% of national output, helping to lift the country's total production above 1 million barrels per day. Before sanctions, the U.S. imported around 250,000 barrels per day of Venezuelan crude, primarily for Gulf Coast refineries. Valero Energy, the third-largest U.S. fuel producer, was the largest importer by the end of 2024, followed by Chevron, which processes the oil in its own refineries and sells to others. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
Zawya
4 days ago
- Business
- Zawya
Oil prices climb on US-EU trade optimism, Russian gasoline cuts
SINGAPORE: Oil prices rose on Friday, buoyed by optimism over a potential trade deal between the U.S. and the European Union and reports of Russian plans to restrict gasoline exports to most countries. Brent crude futures gained 17 cents, or 0.3%, to $69.35 a barrel by 0027 GMT. U.S. West Texas Intermediate crude futures climbed 15 cents, or 0.2%, to $66.18 per barrel. Oil settled 1% higher on Thursday, driven by media reports of expected cuts to Russian gasoline exports. This overshadowed news of Chevron Corp potentially securing U.S. approval to resume production in Venezuela. President Donald Trump's administration is preparing to allow limited oil operations in the sanctioned OPEC nation, the Wall Street Journal reported. U.S. crude inventory draws and hopes for a trade deal between the U.S. and the EU for lower tariffs were lifting futures, which fell earlier in the week over fears of a worsening global trade war. "I am encouraged by the way crude oil held and bounced away from the $65/64 support band this week, which keeps hopes intact of a rebound back towards $70," said Tony Sycamore, an analyst at IG. U.S. Energy Information Administration data on Wednesday showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Two European diplomats said on Wednesday that the EU and the U.S. were moving toward a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions. That could pave the way for another major trade agreement following a deal with Japan. Investors will also be turning their focus to upcoming economic data next week from the world's top two economies and largest oil consumer - factory activity data from China and key U.S. indicators such as inflation, jobs and inventory data.
Bloomberg
4 days ago
- Business
- Bloomberg
Chevron's Return to Venezuela Set to Boost US Refiners' Supplies
The US government's decision to let Chevron Corp. resume producing and exporting Venezuelan oil is set to increase crude supplies for American refiners by more than 200,000 barrels a day. Still, it may be too late for fuelmakers to take full advantage of the boost during the key summer driving season. While the specifics of the latest US decision haven't been disclosed, Chevron was allowed to drill and sell oil only to American refiners before losing its license to operate in Venezuela at the end of May. At the time, it produced about 240,000 barrels a day in the country, most of which it sent to fuelmakers including Valero Energy Corp., Phillips 66 and PBF Energy Inc. Chevron also took some supplies at its Pascagoula refinery in Mississippi.
Yahoo
18-07-2025
- Business
- Yahoo
Chevron CEO says Hess deal ruling eases uncertainty for oil industry
-- Chevron Corp. (NYSE:CVX) says the closing of its $53 billion agreement to buy Hess Corp (NYSE:HES). will reduce uncertainty for other deals in the oil industry. The International Chamber of Commerce ruled Friday in favor of Hess and Chevron, eliminating concerns that contracts used for partnerships like the one for Guyana's giant oil field could be used to "peel assets out of a corporate level transaction," according to Chevron Chief Executive Officer Mike Wirth in a Bloomberg TV interview. Wirth emphasized that this ruling is significant for an industry where deal making plays a vital role in success. "We have companies that come into this industry and people who build them, and the way they get rewarded is selling the company," Wirth said following the completion of this major acquisition. "It is in the nature of our industry that transactions are part and parcel with how it functions." Related articles Chevron CEO says Hess deal ruling eases uncertainty for oil industry These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia Surge of 50% since our AI selection, this chip giant still has great potential Sign in to access your portfolio
Bloomberg
18-07-2025
- Business
- Bloomberg
Chevron CEO Says Hess Outcome Softens Risk for Other Oil Deals
By , Sonali Basak, and Dani Burger Save Chevron Corp. says the closing of its $53 billion agreement to buy Hess Corp. will ease uncertainty for other deals in the oil industry. The ruling announced Friday by the International Chamber of Commerce in favor of Hess and Chevon eliminates the concern that contracts used for partnerships like the one for Guyana's giant oil field could be used to 'peel assets out of a corporate level transaction,' Chief Executive Officer Mike Wirth said in an interview on Bloomberg TV.
