The US administration is set to revoke Chevron's licence to operate in Venezuela on May 27, as initially scheduled, contrary to recent Bloomberg reports that suggested a longer extension was likely.

This confirmation comes from Secretary of State Marco Rubio, following previous statements from President Donald Trump in March that the licence would be withdrawn on April 3. 

Although Trump later granted a temporary extension, Rubio clarified that this arrangement will not be prolonged beyond its expiry date.

In a May 22 post on X, Rubio wrote that “Biden’s pro-Maduro oil licence in Venezuela will expire as scheduled next Tuesday, May 27.”

The authorisation allowed Chevron to operate a number of joint ventures with state-run oil company PDVSA despite pre-existing sanctions, and was originally issued by former president Joe Biden in November 2022. It was part of a broader set of negotiations with Nicolás Maduro’s government aimed at securing a commitment to hold fair presidential elections in Venezuela. However, this strategy ultimately failed, as Maduro intensified repression against the opposition and the July 2024 election—though officially giving the incumbent a third term—has been widely regarded as fraudulent.

Meanwhile, the situation surrounding the licence has sparked differing opinions within the Trump administration. 

On May 21, two senior government officials presented conflicting views regarding the sanctions on Venezuela.

Laura Loomer, a right-wing pundit with close ties to the president, cast doubt on Rubio’s assertions, referencing comments made by Richard Grenell, Trump’s special envoy for special missions who met with Venezuelan officials on two occasions since January, El Tiempo reported. 

Loomer argued that Grenell had indicated Trump greenlighted the extension on the condition that the Venezuelan government release American hostages. Seven US citizens were freed recently, including military officer Joseph Clair.

Loomer also criticised the potential for China to fill the market void left by departing US companies and warned of the impact on US jobs in the energy sector.

Grenell, who most recently met with Maduro’s officials in Antigua earlier this week, reportedly stated that the extension was contingent on the release of US hostages and broader progress in US-Venezuela negotiations. 

“The president authorised this extension if we made progress, building trust, like what we achieved today (with the release), and that’s why the extension will be granted,” he said.

Grenell's remarks were likely behind Bloomberg’s reports indicating that Trump would extend the licence by an additional 60 days. But Rubio’s latest comments seem timed to set the record straight, indicating that the Biden-era waiver will indeed be cancelled on May 27. 

Sources suggest the Trump administration may eventually introduce a new licence, potentially with different conditions, to replace the expired one.