American energy majors have been quietly negotiating finance and logistics around Venezuelan crude as geopolitical dynamics continue to influence North American markets. In recent discussions reported by the Wall Street Journal, ConocoPhillips, a long-standing player in the global oil sector, has been exploring avenues to move Venezuelan oil toward the United States. This development unfolds against a backdrop of asset nationalization that began more than a decade ago and the ongoing reshaping of international energy trade in the Americas.
The Journal notes that ConocoPhillips exited Venezuela after the assets were nationalized in 2007, yet the company is now evaluating a path to participate in loading, transporting, and selling Venezuelan crude on behalf of the state-controlled company PDVSA. The strategic aim, as described in the reporting, is for ConocoPhillips to help facilitate a liquidity solution that would enable Caracas to service its debt obligations while also addressing some of the energy supply needs of North American markets. This approach would represent a nuanced form of energy commerce, where a former operator re-enters the chain of custody to support financial settlements while potentially easing domestic energy tensions for buyers in the United States.
As the narrative unfolds, the paper indicates that a completed deal could mark a notable shift in how sanctions and trade restrictions influence the management of Venezuelan oil. For Washington and North American energy planners, the prospect of a structured framework in which a U.S. company acts as an intermediary could help balance financial commitments with strategic supply considerations. The reporting highlights the delicate balance between honoring international obligations and ensuring a steady flow of energy resources to U.S. markets during a period of evolving sanctions regimes and global energy realignments.
On a related note, December reports from Reuters, citing unnamed sources, described Chevron’s movement in the same broad corridor of activity. The agency reported that Chevron dispatched its first tanker toward Venezuela in four years to secure domestic oil shipments. The U.S. Treasury’s licensing actions, including a general license granted in November, are noted as allowing Chevron to participate in production and refining of Venezuelan crude under defined parameters to support the U.S. market. This development underscores how regulatory permissions can shape cross-border energy transactions and influence the pace at which oil supply chains adapt to changing sanctions landscapes while meeting domestic energy demand.