02:51 PM EST, 02/27/2025 (MT Newswires) -- (Updates with statement from Chevron ( CVX ) in the last two paragraphs.)

Chevron's ( CVX ) cancelled license to operate in Venezuela could result in a new agreement between the company and state-owned oil firm PDVSA to export crude to non-US destinations, Reuters reported Thursday, citing sources close to the talks.

President Donald Trump said Wednesday that he was reversing Chevron's ( CVX ) license to operate in Venezuela's oil sector, saying that President Nicolas Maduro was not making progress on electoral reforms and migrant returns.

A Chevron ( CVX ) spokesperson told MT Newswires that it was considering the implications of Trump's decision.

The company "conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by US government," the spokesperson said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 157.37, Change: +2.23, Percent Change: +1.44