Chevron's venezuela Oil License to Expire, Increasing Pressure on Maduro

Chevron's oil license in Venezuela, granted in November 2022, is set to expire on May 27th. This decision, announced by the Biden administration, will not be renewed. The license was initially granted to encourage negotiations with the Maduro regime for presidential elections. The expiration of the license is expected to deliver an economic blow to Venezuela. Chevron has significantly contributed to the reactivation of the country's national oil production. This move also increases pressure on Maduro, who has been negotiating with the U.S. regarding the deportation of Venezuelan migrants and the release of detained Americans.