Shifting deals, sanctions, and power plays in Venezuelan crude

Venezuela is reshaping its oil sector by granting new exploration and production blocks to majors like Chevron and Repsol while simultaneously suspending 19 Maduro-era contracts for review. Under a U.S.-Venezuela agreement, sanctioned oil sales are expected to reach about $2 billion, even as Washington moves to seize a tanker and its cargo off Venezuela’s coast. Chevron is ramping exports, including sales to India’s Reliance, highlighting how Venezuelan barrels are re-entering global markets. The evolving deals, legal actions, and political rhetoric—such as Trump’s claims of securing a Venezuela partnership—underscore how Caracas’s oil revival is deeply tied to geopolitics and U.S. energy policy debates.