The U.S. federal government on Saturday granted petroleum company Chevron a limited license to resume pumping oil in Venezuela, marking the potential first step in ending a years-long embargo of Venezuelan oil production by the United States.
In a press release, the Treasury Department said it had authorized Chevron to resume "natural resource extraction operations." The oil conglomerate is the last remaining American petroleum company in Venezuela, but had been barred from pumping due to U.S. sanctions against the authoritarian government of Venezuelan President Nicolás Maduro.
However, as The New York Times noted, foreign investment in petroleum is something that Maduro desperately needs in order to improve his country's economy, which has been sinking despite Venezuela having the world's largest oil reserves. As a result, the U.S. agreed to grant Chevron's license after Maduro pledged to implement a $3 billion humanitarian program and also hold talks regarding fair elections in Venezuela, The Wall Street Journal reported.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Chevron may now resume activity in its oil fields alongside a joint venture with the Venezuelan national oil company, Petroleos de Venezuela SA.
"We have long made clear we believe the best solution in Venezuela is a negotiated one between Venezuelans," an anonymous Biden administration official told The Washington Post. "To encourage this, we have also said we were willing to provide targeted sanctions relief." However, the official added that additional action would require more "concrete steps," including the release of political prisoners and allowing United Nations humanitarian missions into Venezuela.
-
Testosterone therapy in women highlights the lack of women’s health researchThe explainer There is no FDA-approved testosterone product for women
-
Magazine solutions - November 7, 2025Puzzles and Quizzes Issue - November 7, 2025
-
Magazine printables - November 7, 2025Puzzles and Quizzes Issue - November 7, 2025
-
Senate votes to kill Trump’s Brazil tariffSpeed Read Five Senate Republicans joined the Democrats in rebuking Trump’s import tax
-
Border Patrol gets scrutiny in court, gains power in ICESpeed Read Half of the new ICE directors are reportedly from DHS’s more aggressive Customs and Border Protection branch
-
‘The worry is far from fanciful’Instant Opinion Opinion, comment and editorials of the day
-
Shutdown stalemate nears key pain pointsSpeed Read A federal employee union called for the Democrats to to stand down four weeks into the government standoff
-
Trump vows new tariffs on Canada over Reagan adspeed read The ad that offended the president has Ronald Reagan explaining why import taxes hurt the economy
-
Marjorie Taylor Greene’s rebellion: Maga hardliner turns on TrumpIn the Spotlight The Georgia congresswoman’s independent streak has ‘not gone unnoticed’ by the president
-
‘The nonviolence resulted from the organizers’ message’Instant Opinion Opinion, comment and editorials of the day
-
NY attorney general asks public for ICE raid footageSpeed Read Rep. Dan Goldman claims ICE wrongly detained four US citizens in the Canal Street raid and held them for a whole day without charges
