The US granted Chevron permission to extract oil in Venezuela
- The Biden administration lifted a crucial oil restriction against Venezuela on Saturday, marking the first substantial crack in a years-long U.S. embargo that might help alleviate the tight global energy market.
- Chevron is the only operational U.S. oil corporation in Venezuela, but sanctions prevent it from operating there.
- It can resume oil pumping under a new Treasury Department licence.
- The licence limits oil exports to the US. The sale’s proceeds must be used to pay off Venezuela’s U.S. creditors, not the state-owned corporation.