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Chevron Working to Comply With Venezuelan Sanctions

OIL

Chevron is working with the US government to comply with sanctions on Venezuelan crude exports, its Chief Executive Michael Wirth said.

  • The US oil company has just been awarded a new license to expand operations in the country, though a number of restrictions apply which may limit Maduro and PDVSA’s willingness to progress.
  • "We'll work with our government to be sure we stay in compliance with those sanctions," Wirth said. "We've been trying to hang in there for a better day in Venezuela, to be part of building a better future for it. That's really what the opportunity is there."
  • Maduro said the license to Chevron was a step in the right direction and called for "the total lifting" of sanctions on the country's oil industry.
  • Easing sanctions on Venezuela could allow the country to emerge as an alternative crude source for Gulf refiners that are now missing Russian flows.
Energy BulletsCommodities
Energy BulletsCommodities

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