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.
  • Also ReadChevron Sells Global HQs, Downsizes California Office Space Amid Texas Expansion: Report
  • 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.
  • Photo Via Company
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