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US Sanctions Against Venezuela Ease Slightly

OIL

The US government has eased some sanctions against Venezuela this week, in a move meant to re-open negotiations between the two countries.

  • One of the changes allows Chevron to negotiate its license with the state-owned oil company, PDVSA, but not to drill or export any petroleum of Venezuelan origin – which Chevron had hoped for.
  • Chevron will be able to maintain its operations in Venezuela and negotiate future business.
  • The move may pave the way for further negotiations opening up a potential new oil source now that Russian barrels are sanctioned.

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