02:39 PM EDT, 05/28/2025 (MT Newswires) -- (Update with Chevron's ( CVX ) response to a request for comment in the second paragraph.)

Chevron ( CVX ) has terminated the service, procurement and oil production contracts it had to operate in Venezuela, but it plans to keep its direct staff in the country, Reuters reported Wednesday, citing four sources close to the decisions.

"General License 41B has expired, and Chevron's ( CVX ) continued presence in Venezuela remains in compliance with all applicable laws and regulations, including the sanctions framework provided for by the U.S. government," a Chevron ( CVX ) spokesperson told MT Newswires via email.

(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.)

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