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.

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.

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.

Chevron Corp. presentó declaraciones de impuestos por valor de unos US$300 millones al gobierno venezolano el año pasado, lo que plantea interrogantes sobre cuánto se está beneficiando el presidente Nicolás Maduro de la producción petrolera de la compañía estadounidense a pesar de las sanciones.

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

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.

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.

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.

President Nicolas Maduro looks on during a press conference after testifying before the electoral chamber at main headquarters of the Supreme Court of Justice on Aug. 2, 2024, at the Miraflores presidential palace in Caracas, Venezuela.

The oil company plans to build natural gas power plants that will be directly connected to data centers used by technology companies for artificial intelligence and other services.