Chevron To Ship First Venezuelan Oil To The U.S. By Year-End

Chevron is getting ready to ship the first oil cargo from Venezuela to the United States. This is by late December after the U.S. Administration issued this weekend. It is a six-month license allowing the U.S. supermajor to extract and export oil from the South American country. This is what Bloomberg reports citing a source with knowledge of the matter.

This weekend, the U.S. Treasury issued a license authorizing Chevron to resume limited natural resource extraction operations in Venezuela while preventing Venezuela’s state oil firm PDVSA from receiving profits from the oil sales by Chevron. The license authorizes Chevron to produce oil at fields jointly operated with PDVSA and sell the oil to U.S. refiners.

Sanctions against Venezuela were introduced in 2019 by the Trump Administration, and the Biden Administration’s decision to ease some of those sanctions came after the resumption of talks over the weekend between the government of Nicolas Maduro and the Venezuelan opposition. Those talks led on Sunday to the signing of a U.S.-brokered accord between the government and the opposition in order to resolve the country’s political turmoil.

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Source: Oil Price

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