In a somewhat striking (and underreported) reversal, the Trump administration has authorized Chevron to resume oil operations in Venezuela, granting a six-month license to extract and export crude to the United States. This comes just months after Trump had revoked the company’s license in February, citing electoral irregularities and failed promises on migrant repatriation. The decision thus marks a notable shift in Washington’s traditionally hostile posture toward Caracas.

US-Venezuela relations have indeed long been defined by sanctions, diplomatic standoffs, and ideological confrontations. Trump’s first term saw the recognition of opposition leader Juan Guaidó and a “maximum pressure” campaign that quite effectively strangled Venezuela’s oil output to some extent. Thus far, the Biden interregnum had offered only temporary respite, and Trump’s return to power brought back neo-Monroeist rhetoric to the Americas — complete with tariff (and even “annexation”) threats against Mexico, Brazil, Colombia, Panama, and, one may recall, even Canada.

Why, then, make an “exception”, so to speak, for Venezuela? Why is Chevron suddenly welcome back in Bolivarian territory, with Washington’s blessings?

Well, oil prices and domestic economic imperatives must be taken into consideration. As I noted, in July 2024, any escalation in the Iran-Israel........

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