Chevron is in advanced talks to significantly expand its operations in Venezuela, with a deal possible as early as next week, according to sources. This would bolster the country's struggling oil industry and economy, and mark a win for the Trump administration, which has pushed for greater U.S. corporate involvement. Chevron, the second-largest U.S. oil company, maintained its presence in Venezuela after other firms left following nationalization.

Its operations now account for roughly a quarter of Venezuela's oil production. The negotiations reflect a major shift in U.S. policy toward Venezuela, where the government has become more open to foreign investment.