The US government has lifted restrictions on Chevron, allowing the company to produce and export oil from Venezuela, set to boost American refiners’ supplies by over 200,000 barrels per day. However, this influx of crude may come too late for fuelmakers to capitalize during peak summer driving season. Chevron previously produced about 240,000 barrels a day in Venezuela before losing its license to operate in May.
Source: https://www.bloomberg.com/news/articles/2025-07-24