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US Eases Sanctions on Venezuela With Chevron Resuming Oil Output
The Biden administration granted Chevron Corp. a license to resume oil production in Venezuela after US sanctions halted all drilling activities almost three years ago. The reprieve followed the resumption of talks by Venezuela’s political factions on Saturday with a deal to work together on a humanitarian spending plan. Chevron received a six-month license from the US Office of Foreign Assets Control, OFAC, that authorizes the company to produce crude oil and petroleum products in its projects in Venezuela, according to a general license from the US Treasury Department. While no new drilling is authorized, the ... (full story)