Chevron (CVX), a global oil giant, is a dominant force in the energy sector, with operations in over 180 countries. But in Venezuela, its grip is slipping.
CVX stock dipped on Wednesday, slipping by 1.1% as President Donald Trump announced that he was revoking its Venezuelan oil (CBK25) license. The reason was Venezuela’s allegedly sluggish response to repatriating U.S.-bound migrants. Despite sanctions against President Nicolas Maduro’s regime, Chevron had secured a rare permit to pump and market oil, but with strict conditions, including an exit deadline by the end of July 2025.
