The US Government is working towards granting Chevron, a US oil company, limited authorisations to resume operations in Venezuela, according to Reuters. This move comes against a backdrop of tense relations and political disagreements between the two nations. The easing of restrictions on Venezuela's oil sector could signal a policy shift from the stringent sanctions imposed on the OPEC nation's energy sector since 2019. If approved, these authorisations would allow both Chevron and PDVSA's European partners to conduct business within certain constraints, ensuring operational continuity. The US State Department is imposing conditions on these authorisations to prevent funds from reaching the Venezuelan Government. Despite assurances that oil proceeds would not benefit Maduro's government, PDVSA's tax and royalty demands before export permits have resulted in financial gains for the Venezuelan Government. US Secretary of State Marco Rubio is reportedly negotiating the scope of potential authorisations, which could affect other foreign companies in Venezuela seeking permission to exchange fuel supplies for Venezuelan oil. The terms of the licences and their public disclosure remain uncertain.

Chevron set to resume limited Venezuela oil operations

The US Government is working towards granting Chevron, a US oil company, limited authorisations to resume operations in Venezuela, amid tense relations and political disagreements between the two nations. The move could signal a policy shift from stringent sanctions on Venezuela's oil sector since 2019, with conditions imposed to prevent funds from reaching the Venezuelan Government.