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On Wednesday, President Donald Trump said that the United States will cancel a license that allowed U.S. oil company Chevron Corporation (CVX - Free Report) to produce and export oil in Venezuela. In November 2022, the Biden administration allowed these concessions to promote free elections in Venezuela.
The Trump administration has been resetting countless foreign relations in the recent past and has set the cat among pigeons, especially in Europe. However, this particular move, set to be effective March 1, was on expected lines. Trump said in a social media post that the conditions the Biden administration had set with Venezuela in 2022 that allowed the country to export oil “have not been met by the Maduro regime.”
“We are aware of today’s announcement and are considering its implications,” a Chevron spokesperson said. “Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by U.S. government.” In fact, earlier in the month, Chevron CEO Mike Wirth said that the company had discussed the issue with the Trump administration. In January, Chevron’s oil exports out of Latin American nations had reached 294,000 barrels/day, its highest level since resuming shipments in early 2023.
Chevron’s stock has been doing well, having jumped 8.3% year to date as of Feb. 26, 2025. However, it remains to be seen whether the Venezuela ban has a much bigger impact on its stock price than the 0.8% decline it witnessed on Wednesday. Peers like BP p.l.c. (BP - Free Report) and Exxon Mobil Corporation (XOM - Free Report) have gained 12.1% and 2.7%, respectively, year to date. BP and Exxon Mobil stocks also felt the heat in the session based on an unexpected build in U.S. fuel stockpiles, falling 1.7% and 0.3%, respectively. All three companies currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Trump Administration Cancels Chevron's Venezuela License
On Wednesday, President Donald Trump said that the United States will cancel a license that allowed U.S. oil company Chevron Corporation (CVX - Free Report) to produce and export oil in Venezuela. In November 2022, the Biden administration allowed these concessions to promote free elections in Venezuela.
The Trump administration has been resetting countless foreign relations in the recent past and has set the cat among pigeons, especially in Europe. However, this particular move, set to be effective March 1, was on expected lines. Trump said in a social media post that the conditions the Biden administration had set with Venezuela in 2022 that allowed the country to export oil “have not been met by the Maduro regime.”
“We are aware of today’s announcement and are considering its implications,” a Chevron spokesperson said. “Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by U.S. government.” In fact, earlier in the month, Chevron CEO Mike Wirth said that the company had discussed the issue with the Trump administration. In January, Chevron’s oil exports out of Latin American nations had reached 294,000 barrels/day, its highest level since resuming shipments in early 2023.
Chevron’s stock has been doing well, having jumped 8.3% year to date as of Feb. 26, 2025. However, it remains to be seen whether the Venezuela ban has a much bigger impact on its stock price than the 0.8% decline it witnessed on Wednesday. Peers like BP p.l.c. (BP - Free Report) and Exxon Mobil Corporation (XOM - Free Report) have gained 12.1% and 2.7%, respectively, year to date. BP and Exxon Mobil stocks also felt the heat in the session based on an unexpected build in U.S. fuel stockpiles, falling 1.7% and 0.3%, respectively. All three companies currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.