Daily Management Review

U.S. to allow Chevron to increase oil production in Venezuela


As soon as Venezuelan authorities resume political talks with the opposition, the US may soon permit Chevron Corp to increase operations there and resume oil trade. That was said to have occurred on Wednesday by four reliable sources.

Roo Reynolds
Roo Reynolds
One of the primary drivers for the beginning of negotiations between the Venezuelan government and the opposition was the U.S. approval, which would allow Chevron to assist in restoring the nation's declining oil production.

By suggesting loosening of sanctions and release of some Venezuelans from American prisons, U.S. authorities attempted to help the local opposition and the socialist president of Venezuela, Nicolas Madura, resume negotiations this year.

The notion of discussions this weekend in Mexico City is reportedly being promoted by members of the United States and both Venezuelan parties. They might be the first since October 2021.

source: wsj.com