Chevron Likely To Resume Oil Production In Venezuela As Biden Administration Considers Easing Sanctions

The Biden administration plans to bring down sanctions on Venezuela to allow Chevron Corp CVX to restart oil pumping there.
The potential resumption of oil pumping, the Wall Street Journal reported, is expected to reopen U.S. and European markets to oil exports from Venezuela.
In return for the sanctions relief, Venezuelan President Nicolás Maduro would resume talks with the country’s opposition to discuss ways to hold free and fair presidential elections in 2024.
The report noted that the U.S. and Venezuela’s governments have also reportedly worked out a deal to free up Venezuelan state funds frozen in American banks to pay for necessary imports.
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The discussions, though, are still in progress and might result in no breakthrough, as well.
Venezuela was a major oil producer in the 1990s, producing more than 3.2 million barrels a day, but it has since collapsed due to corruption and mismanagement.
Price Action: CVX shares are trading lower by 0.87% at $157.15 in premarket on the last check Thursday.
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