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 news. Justin has also freelanced for outlets including Collider and United Press International.
-
6 charming homes for the whimsical
Feature Featuring a 1924 factory-turned-loft in San Francisco and a home with custom murals in Yucca Valley
By The Week Staff Published
-
Big tech's big pivot
Opinion How Silicon Valley's corporate titans learned to love Trump
By Theunis Bates Published
-
Stacy Horn's 6 favorite works that explore the spectrum of evil
Feature The author recommends works by Kazuo Ishiguro, Anthony Doerr, and more
By The Week US Published
-
Trump starts term with spate of executive orders
Speed Read The president is rolling back many of Joe Biden's climate and immigration policies
By Peter Weber, The Week US Published
-
Trump pardons or commutes all charged Jan. 6 rioters
Speed Read The new president pardoned roughly 1,500 criminal defendants charged with crimes related to the Capitol riot
By Peter Weber, The Week US Published
-
Will Trump's 'madman' strategy pay off?
Today's Big Question Incoming US president likes to seem unpredictable but, this time round, world leaders could be wise to his playbook
By Sorcha Bradley, The Week UK Published
-
DeSantis appoints Florida's top lawyer to US Senate
Speed Read The state's attorney general, Ashley Moody, will replace Sen. Marco Rubio in the Senate
By Rafi Schwartz, The Week US Published
-
Pam Bondi downplays politics at confirmation hearing
Speed Read Trump's pick for attorney general claimed her Justice Department would not prosecute anyone for political reasons
By Rafi Schwartz, The Week US Published
-
Biden warns of oligarchy in farewell address
Speed Read The president issued a stark warning about the dangers of unchecked power in the hands of the ultra-wealthy
By Peter Weber, The Week US Published
-
Hegseth boosts hopes for confirmation amid grilling
Speed Read The Senate held confirmation hearings for Pete Hegseth, Trump's Defense Secretary nominee
By Peter Weber, The Week US Published
-
Biden removes Cuba from terrorism blacklist
Speed read The move is likely to be reversed by the incoming Trump administration, as it was Trump who first put Cuba on the terrorism blacklist in his first term
By Rafi Schwartz, The Week US Published