U.S. gives green light to Chevron to pump oil in Venezuela
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.
Subscribe to 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.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.
-
'United States of Anxiety'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Langdale Chase Hotel: a cosy nook in the Lake District
The Week Recommends This Victorian villa has breathtaking views and expansive gardens
By Natasha Langan Published
-
Orkney's war on stoats
In the Spotlight A coordinated stoat cull on the Scottish islands has proved successful – and conservationists aren't slowing down
By Abby Wilson Published
-
Supreme Court allows purge of Virginia voter rolls
Speed Read Gov. Glenn Youngkin (R) is purging some 1,600 people from state voter rolls days before the election
By Rafi Schwartz, The Week US Published
-
'Empowered' Steve Bannon released from prison
Speed Read Bannon was set free a week before Election Day and quickly returned to his right-wing podcast to promote Trump
By Rafi Schwartz, The Week US Published
-
Canada accuses top Modi ally of directing Sikh attacks
Speed Read Indian Home Minister Amit Shah was allegedly behind a campaign of violence and intimidation targeting Sikh separatists
By Peter Weber, The Week US Published
-
Harris makes closing case in huge rally at DC's Ellipse
Speed Read The Democratic nominee asked voters to "turn the page" on Trump's "division" and "chaos"
By Peter Weber, The Week US Published
-
'I am not a Nazi,' Trump says amid MSG rally fallout
Speed Read Trump and his campaign are attempting to stem the fallout from comments made by speakers at Sunday's rally
By Peter Weber, The Week US Published
-
Ballot drop boxes set on fire in Oregon, Washington
Speed Read Hundreds of submitted ballots were destroyed in Vancouver, Washington
By Peter Weber, The Week US Published
-
Israel votes to ban UN agency for Palestinians
Speed Read UNRWA provides food, medical care and other humanitarian assistance to Palestine
By Peter Weber, The Week US Published
-
US election: where things stand with one week to go
The Explainer Harris' lead in the polls has been narrowing in Trump's favour, but her campaign remains 'cautiously optimistic'
By Harriet Marsden, The Week UK Published