“This action is not being taken in response to energy prices, this is a limited license ... this is about the regime taking the steps needed to support the restoration of democracy in Venezuela.”
A Biden administration official in a statement to Axios. The U.S. gave Chevron the green light to resume oil production in Venezuela, indicating a “thawing” between the two countries.
nov 28, 2022
Why It Matters: Venezuela has the largest known strategic oil reserves in the world, contributing to the country's warming relations with the U.S. as alternative oil sources are sought since the war in Ukraine began (which has led to a reduction in oil supplies). The U.S. gave Chevron ("the only remaining active U.S. oil company in Venezuela") a six-month license to pump oil after sanctions halted production two years ago.
Also worth noting: Venezuela recently released seven imprisoned Americans (five of which were oil executives who had been held in prison for nearly five years) in exchange for two nephews of Venezuela’s First Lady.
More Venezuelan Oil Unlikely to Reach Markets Soon Despite New Chevron License (The Wall Street Journal)