US official says next phase of talks regarding transition in Venezuela to resume middle of month and continue to push for private sector US investment

• Chevron (CVX) to announce expanding operations in Venezuela.
• Energy Secretary Wright heading to Venezuela tonight for signings tomorrow.

US engagement with Venezuela on oil has historically run through a specific, narrow channel: targeted sanctions authorisations for named US producers rather than blanket relief, with Chevron the recurring beneficiary given its legacy joint-venture presence and its role collecting debt repayments in crude. Episodes of this kind have tended to proceed in stages, license first, expanded operational scope second, private investment pitch third, and each stage has been reversible when the political track has soured, which is the standing caveat on any barrels implied by these talks. The transmission into crude is primarily heavy sour availability into US Gulf Coast refineries, where Venezuelan grades substitute against Mexican and Canadian barrels, so the spread to watch is the heavy differential rather than the flat price. An Energy Secretary travelling for signings signals this has moved beyond exploratory language into executable agreements, a step past the pattern of prior rounds that stalled at the communiqué stage. The follow-ons are the formal license text, the scope of what other US firms are permitted, and whether Venezuelan political conditions attached to the authorisations hold, since prior relaxations have been conditioned on electoral or transition milestones that have historically been the point of failure.