Chevron exported 140,000 barrels per day of Venezuelan oil to the U.S. in fourth quarter 2025 under special license requiring no proceeds reach the Venezuelan government. Trump announced a $2 billion oil export deal in early January after U.S. forces captured Nicolas Maduro.
Acting President Delcy Rodriguez signed oil reform giving foreign companies greater rights to Venezuelan crude. Energy Secretary Wright toured Orinoco Belt facilities with Chevron officials last week.
Venezuela holds 303 billion barrels in proven reserves, largest in the world. It produces just over 1 million barrels daily—less than half its output before Maduro took power in 2013.
National Assembly President Jorge Rodriguez said no presidential elections planned “in this immediate period” while government focuses on stability. Amnesty law passed first vote unanimously February 5, covering treason, terrorism, and rebellion charges from protests 2007-2024.
Rodriguez released hundreds of political prisoners since assuming power. Venezuela sent first oil shipment to Israel in nearly two decades.
Maduro remains in U.S. custody in New York awaiting arraignment on drug and arms trafficking charges. Supreme Court appointed Vice President Delcy Rodriguez as acting president.
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