Reported about 10 hours ago
The U.S. is set to grant a specific license to Chevron, allowing the company to perform minimal maintenance on essential operations in Venezuela, according to Bloomberg News. This move comes as Chevron's current license is about to expire, and while Venezuelan partners seek extensions, any changes require approval from U.S. Treasury and State Departments. Despite Venezuela's significant oil reserves, production has dramatically decreased due to past mismanagement and U.S. sanctions, although recent licenses have led to a slight increase in oil output since 2023.
Source: YAHOO