HOUSTON, Feb 27 (Reuters) - The cancellation of a

license for Chevron ( CVX ) to operate in Venezuela could lead

to the negotiation of a fresh agreement between the U.S.

producer and state company PDVSA to export crude to destinations

other than the United States, sources close to the talks said.

U.S. President Donald Trump said on Wednesday he was

reversing the license, accusing President Nicolas Maduro of not

making progress on electoral reforms and migrant returns.

U.S. Secretary of State Marco Rubio later said on X he would

provide foreign policy guidance to terminate all oil and gas

licenses to companies operating in Venezuela "that have

shamefully bankrolled the illegitimate Maduro regime".

Companies including Repsol, Eni and Maurel

& Prom also have access to Venezuelan crude under U.S.

authorizations.

As of Thursday morning, the U.S. Treasury Department had not

published any license cancellation terms nor set a deadline to

wind down oil exports from Venezuela, which resumed crude sales

to the United States in early 2023 after a 4-year pause.

Oil cargoes chartered by Chevron ( CVX ) were departing as scheduled

from Venezuelan ports bound for the United States, according to

vessel monitoring data and PDVSA's internal export records.

Shippers had not been given directions to slow down loading

or divert tankers, maritime sources said.

Chevron ( CVX ) said it was considering the implications of Trump's

decision. Repsol, Eni and Maurel & Prom did not reply to

requests for comment.

Chevron's ( CVX ) six-month license has been renewed automatically

without interruption since November 2022. Last year, the

company's joint ventures produced about a quarter of all oil

output in Venezuela and the country became the fourth largest

crude provider to the United States.

Spot prices of a key medium crude grade in the U.S. Gulf

Coast spiked on Wednesday as refiners began seeking

alternatives, including Colombian, Ecuadorean and Guyanese

grades.

Venezuela's crude accounted for 13% of imports by U.S. Gulf

Coast refineries last year, according to U.S. Energy Information

Administration data.

(Reporting by Marianna Parraga, additional reporting by Sheila

Dang; Editing by Emelia Sithole-Matarise)