US Renews Chevron License in Venezuela

The Trump administration on Friday renewed Chevron Corp’s license for three months to drill for oil in Venezuela despite sanctions, a compromise between officials seeking maximum pressure to oust socialist President Nicolas Maduro and those favoring a longer renewal for the company.

The treasury department renewed the license through Oct. 25 for Chevron, the last US oil company operating in OPEC member Venezuela, Reuters reported.

In January, the United States imposed sanctions on Venezuela’s state-run oil company PDVSA in an effort to oust Maduro. But it issued Chevron, which has been in Venezuela for nearly 100 years, a six-month license to operate.

Washington supports opposition leader Juan Guaido, head of the National Assembly. The sanctions on PDVSA have cost Maduro’s government billions of dollars in oil assets.

A senior Trump administration official said most US agencies had argued against any renewal of the license, and the treasury department had pressed for a full six-month renewal.