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Chevron’s Venezuela License Unchanged Despite Sanctions Reinstatement

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There are no changes to Chevron’s license to operate in Venezuela, following the reinstatement of US sanctions, the firm said during the first quarter earnings call.

  • The firm is not putting new capital into its Venezuela business, Chevron’s CEO Mike Wirth said.
  • Chevron’s crude oil output in Venezuela is currently at 180kbpd, up from 120kbpd a year ago, he added.
  • A wider sanctions relief waiver for Venezuelan oil was not extended by the US after April 18 following a lack of commitment by the Maduro regime to fairer election commitments under the Barbados deal - signed towards the end of last year.
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There are no changes to Chevron’s license to operate in Venezuela, following the reinstatement of US sanctions, the firm said during the first quarter earnings call.

  • The firm is not putting new capital into its Venezuela business, Chevron’s CEO Mike Wirth said.
  • Chevron’s crude oil output in Venezuela is currently at 180kbpd, up from 120kbpd a year ago, he added.
  • A wider sanctions relief waiver for Venezuelan oil was not extended by the US after April 18 following a lack of commitment by the Maduro regime to fairer election commitments under the Barbados deal - signed towards the end of last year.