US plans to extend Chevron's exemption in Venezuela for 60 days amid negotiations with Maduro

The Administration of President Donald Trump plans to extend the waiver allowing Chevron Corp. to continue its operations in Venezuela for an additional 60 days, according to reported Bloomberg.

This decision comes as the U.S. negotiates with the government of Nicolás Maduro on issues related to repatriation flights and the situation of U.S. citizens detained in the country.

The announcement coincides with the visit of Richard Grenell, Trump's envoy, to Antigua and Barbuda to meet with representatives of the Venezuelan government, according to a source reviewed by Bloomberg who requested anonymity due to the private nature of the discussions.

The extension extends the previous deadline, set for April 3, which obliged Chevron to cease operations in the South American country.

Chevron, which operates in Venezuela under a special authorization from the U.S. Treasury Department despite the sanctions imposed, is a key player in the Venezuelan economy, contributing approximately 20% of the country's oil production.

This activity has been vital for injecting foreign currency into the Venezuelan private sector in recent years. News of the extension boosted Venezuelan sovereign and state-owned oil company bonds, with dollar bonds maturing in 2031 gaining 0.5 cents, reaching a session high.

In a context of diplomatic rapprochement, President Maduro recently expressed his gratitude to Trump for facilitating the reunification of a Venezuelan girl with her mother in Caracas, which could be interpreted as a sign of easing tensions between the two governments. In addition, Venezuela has agreed to maintain regular flights to repatriate its citizens from the U.S.

However, tensions persist

Last Thursday, the U.S. Supreme Court allowed the Trump Administration to end Temporary Protected Status (TPS) for approximately 350,000 Venezuelans.