Chevron remains the sole major US oil firm active in Venezuela, while ExxonMobil and ConocoPhillips delay return despite eased US restrictions.
US oil companies have not resumed operations in Venezuela at the pace anticipated by Washington following sanctions relief. Chevron continues extracting and exporting oil, but ExxonMobil and ConocoPhillips have yet to return, citing stalled negotiations with state-owned PDVSA.
The US eased restrictions in January, expecting a swift revival of Venezuela’s oil sector, the world’s largest reserves holder. However, talks between PDVSA and US firms have progressed slower than expected, delaying investment and production increases.
Venezuela’s oil output remains below pre-sanctions levels, with limited immediate impact on global supply. Market reaction has been muted as traders await clearer signs of recovery.