Chevron Corp. filed tax returns worth about $300 million with the Venezuelan government last year, raising questions about how much President Nicolás Maduro is benefiting from the US company’s oil production in spite of sanctions.

However, their simplistic argument does not withstand scrutiny. Evidence shows that U.S. sanctions significantly contributed to Venezuela’s economic implosion, while the easing of sanctions in recent years has been associated with a moderate economic recovery that has helped alleviate the worst of the country’s economic crisis.

The United States and Venezuela navigate a complex relationship involving sanctions, oil licenses, and disputed elections. Controversies persist over diplomatic interactions during and after the presidencies of Trump and Biden.

President Nicolás Maduro of Venezuela aimed for a democratic election amid US economic sanctions, offering Chevron a permit to export Venezuelan oil. Despite an unfair election and criticism, oil revenues have bolstered Venezuela's economy.

Oil and gas producer Chevron said on Tuesday it plans to build natural gas-based power plants next to data centers in the U.S., as energy demand to support the growth of artificial intelligence is expected to boom.

Venezuela's oil production is rebounding as tanker ships return to its coast, yet Maduro's recent election is criticized for lack of fairness.

Caracas, January 19 (RHC)-- Despite the illegal sanctions that the U.S. Treasury Department maintains against Venezuela, Chevron Corp. (CVX), a U.S. oil company, filed tax returns for about 300 million dollars to the Bolivarian government last year, as reported by Bloomberg News this week.

Maduro took office last week for a third consecutive term. Now, he’s consolidating his position as dictator Nicolás Maduro has now been in power in Venezuela since 2013 – gradually usurping power over the past twelve years until becoming a full dictator.

Chevron Corp. filed tax returns worth about $300 million with the Venezuelan government last year, raising questions about how much President Nicolás Maduro is benefiting from the US company’s oil production in spite of sanctions.

Chevron (NYSE:CVX) filed tax returns worth $300M with the Venezuelan government last year, saying in March 2024 that its ventures owed 8.1B bolivars to the country's tax agency, Bloomberg reported Thursday.

The US Gulf Coast heavily relies on Venezuelan crude, with imports hitting a six-year high. While Trump has left room for maneuvering on Venezuela, he is unlikely to cut off imports entirely. Disruptions to this supply would force refiners to seek lower-quality alternatives, threatening energy stability.

Chevron U.S.A. announced Tuesday a partnership with Engine No. 1 and GE Verona in plan to develop reliable power solutions for U.S. data centers running on natural gas.