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Chevron Wind-Down Would Send Venezuela Back to Oil Market’s Dark Side
US President Donald Trump’s plan to revoke Chevron Corp.’s operating license in Venezuela threatens to force the nation’s oil sector back into the shadows, paving the way for corruption and huge discounts in the Asian market.
The presence of the Houston-based oil giant brought much-needed transparency to Venezuela after a period of sanctions imposed during Trump’s first term. In those days, the country relied on ghost cargoes and small traders, resulting in billions of dollars of lost revenue for state-run Petroleos de Venezuela SA between 2020 and 2022.