In 2025, the relationship between the United States and Venezuela regarding oil has undergone a significant transformation, primarily driven by Chevron's resumption of operations and the implementation of new tariffs by the U.S. government. In July 2025, the Trump administration extended a limited license to Chevron, allowing the company to resume the extraction and export of Venezuelan crude oil. This followed the expiration of its previous license in May 2025, which had led Chevron to suspend its activities in April 2025. The resumption was marked by the arrival of the tanker "Canopus Voyager" at PDVSA's Jose terminal, signifying the first shipment of Venezuelan crude to the U.S. under the renewed authorization. This has contributed to an increase in Venezuela's crude production, reaching approximately 1.2 million barrels per day, with projections of a 2% economic growth for the nation in 2025. The U.S. Treasury Department's extension of Chevron's license was initially until May 27, 2025, reflecting a careful approach to managing these international energy relationships amidst ongoing sanctions.
Adding a new layer to these dynamics, President Donald Trump signed Executive Order 14245 on March 24, 2025. This order imposes a 25% tariff on all imports from countries that acquire oil or gas from Venezuela, whether directly or indirectly, effective April 2, 2025. The stated goal of this measure is to increase pressure on the Nicolás Maduro administration and reduce Venezuela's influence in the global energy market. The tariffs are designed to expire one year after a country ceases importing Venezuelan oil, or sooner at the discretion of relevant authorities. These developments underscore a complex interplay of geopolitical and economic factors, signaling a strategic recalibration of U.S. foreign policy in the energy sector. Reports indicate that Venezuela's oil production showed resilience in July 2025, reaching 1,084 thousand barrels per day, a 1.4% increase from the previous month, indicating the nation's efforts to maintain output levels despite external pressures.