Chevron has declined to comment on reports, an indication that it will increase production of Venezuelan oil by the end of 2024.

Media reports have shown that the US-based energy company plans to boost production by 65,000 barrels of oil a day by the end of 2024, pushing its total output to 200,000 bpd in its joint venture with Venezuela's state-owned energy company Petróleos de Venezuela (PDVSA).

"Chevron does not comment on rumors or commercial matters," Chevron said in a statement to Sputnik on Monday.

"We continue to conduct our business in compliance with all laws and regulations where we operate, as well as the sanctions framework provided by the US Office of Foreign Assets Control (OFAC)," the oil giant said.

The US has heavily sanctioned Caracas' oil sector only to lift some of them in late 2022.

The US Treasury provided Chevron with a new license in November last year to extract oil in Venezuela for six months through its joint venture partners, such as PDVSA. However, this license does not allow for the expansion of operations or new US investments in Venezuela's oil sector, which has been recently rumored.

Venezuela is preparing for a presidential election set to take place in 2024 after US efforts to topple current President Nicolas Maduro and impose its own candidate failed miserably.

Earlier on August 25, the National Electoral Council (CNE) of the country for 2023-2030 was approved by Venezuela's National Assembly, in preparation for next year's elections.

This comes after the president of the assembly, Jorge Rodríguez, announced that Caracas will not authorize the EU to get involved in Venezuela's 2024 presidential elections by sending an electoral observation mission to monitor the elections, saying the European body has meddled in the country's internal affairs.

Read more: Venezuela not to allow EU electoral mission in upcoming elections