Oil: Venezuelan President Maduro calls for full lifting of sanctions

Nicolas Maduro welcomed as a step in the "right direction" the authorization given by the United States to Chevron to operate in Venezuela.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Venezuelan President Nicolas Maduro welcomed as a step in the “right direction” the authorization given by the United States to the energy giant Chevron to operate in Venezuela despite the sanctions, but pleaded for the complete lifting of financial restrictions imposed on his country.

The licenses that Washington has granted to Chevron and other companies “are undoubtedly going in the right direction, although they are not sufficient for what Venezuela is demanding, which is the complete lifting of all unilateral coercive measures on the oil industry,” Maduro said at a press conference.

The U.S. government allowed Chevron to partially resume hydrocarbon extraction in Venezuela minutes after announcing a second “partial social protection agreement for the Venezuelan people.”

Chevron has been allowed to restart operations in the four companies it owns with Venezuelan state-owned giant Petroleos de Venezuela (PdVSA,) although it must ensure that the state-owned company receives no revenue from its oil sales.

This authorization came immediately after the signing of an agreement between the Venezuelan government and the opposition for the release of three billion Venezuelan dollars frozen abroad by the sanctions, to be used for social projects.

“The idea of removing Venezuela from the global economic circuit was a bad idea, an extremist idea of Donald Trump, and they are paying the price because Venezuela is part of the global energy equation,” said President Maduro.

“No matter who it hurts, we have to be there, we are a great oil power and we are going to be a gas power,” he added, recalling that just a few days after the start of the war in Ukraine on February 24, Washington, worried about the rise in oil prices, had sent a mission to negotiate in Caracas.

In May, Washington had already allowed Chevron to “negotiate” its possible resumption of operations in Venezuela, which represented a first departure from the embargo on Venezuelan oil imposed by Washington in 2019 in the hope of ousting Nicolas Maduro.

As Brent hovers near $60, growing opacity around OPEC’s output restrains a steeper decline in crude prices amid surplus warnings by the International Energy Agency.
Portuguese energy group Galp plans to finalise a strategic partnership for its offshore oil project Mopane in Namibia before the end of the year.
The Oxford Energy Institute study shows that signals from weekly positions and the Brent/WTI curve now favor contrarian strategies, in a market constrained by regulation and logistics affected by international sanctions. —
Russian company Russneft has shipped its first oil cargo to Georgia’s newly launched Kulevi refinery, despite the absence of formal diplomatic ties between Moscow and Tbilisi.
New Stratus Energy has signed a definitive agreement with Vultur Oil to acquire up to 32.5% interest in two onshore oil blocks located in the State of Bahia, Brazil, with an initial investment of $10mn.
Clearview Resources has completed the sale of all its shares to a listed oil company, exiting Canadian financial markets following shareholder and court approval.
The Brazilian government has approved an offshore drilling project led by Petrobras in the Equatorial Margin region, weeks before COP30 in Belém.
In Taft, a historic stronghold of black gold, Donald Trump's return to the presidency reopens the issue of California's restrictions on oil production and fuels renewed optimism among industry stakeholders.
Vantage Drilling halted a 260-day drilling contract for the vessel Platinum Explorer following a rapid evolution of international sanctions regimes that made the campaign non-compliant with the applicable legal framework shortly after it was signed.
Paratus Energy Services received $58mn through its subsidiary Fontis Energy in Mexico, initiating the repayment of arrears via a government-backed fund established to support investment projects and ensure supplier payments.
Washington ties the removal of additional duties to a verifiable decline in India’s imports of Russian crude, while New Delhi cites already-committed orders and supply stability for the domestic market.
The decline in imports and the rise in refining in September reduced China’s crude surplus to its lowest in eight months, opening the way for tactical buying as Brent slips below 61 dollars.
Chinese executive Zhou Xinhuai, 54, resigned from his post as chief executive of CNOOC Limited after holding the role since April 2022. A strategic reorganization is underway.
Texas-based SM Energy gains full support from its banking syndicate, maintaining a $3bn borrowing base and easing short-term debt maturity terms.
Halliburton and Aker BP have completed the first umbilical-less tubing hanger installation on the Norwegian continental shelf, paving the way for digitised offshore operations with reduced infrastructure.
The US group has finalised operations at the Begonia field, marking its first offshore deepwater intervention in Angola’s Block 17/06, located 150 kilometres off the coast.
Prolonged attacks on fuel convoys have depleted stocks, destabilised power generation and disrupted economic activity in Bamako and surrounding regions.
Nigerian group Dangote has reduced crude supply to its refinery, citing a strategic adjustment to high oil prices and denying any technical failure.
Reliance Industries reported a 9.67% increase in net profit in the second quarter of fiscal year 2025–2026, driven by recovering petrochemical margins and continued growth in its retail and telecom operations.
An operational fire was contained at the largest refinery in the US Midwest, causing a temporary shutdown of several processing units, according to industry data.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.