U.s. Eases Sanctions On Venezuela With Chevron Resuming Oil Output

The Biden administration granted oil giant Chevron Corp. a license to resume oil production in Venezuela after U.S. sanctions halted all drilling activities almost three years ago. The reprieve coincided with the resumption of talks by Venezuela’s battling political factions on Saturday with a deal to work together on a humanitarian spending plan. Chevron received a six-month license that authorizes the company to produce petroleum or petroleum products in Venezuela, according to a general license from the US Treasury Department. The San Ramon, California-based driller is also allowed to resume exports of crude oil that had been been halted since 2019, when the US ratcheted up sanctions against the OPEC producer.

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