The US has granted Chevron a limited license to restart pumping oil in Venezuela in the most significant easing of sanctions on the country since the harsh measures were imposed by the Trump administration.
The move came after the government of Venezuelan President Nicolas Maduro signed a deal with an opposition coalition to unlock about $3 billion in Venezuelan funds that were frozen by US and European banks. Under the deal, the funds will go toward humanitarian and economic development projects.
According to the Treasury Department, the license granted to Chevron prohibits the Venezuelan state oil company PdVSA from receiving profits from any oil sales by Chevron. The license is only limited to Chevron and does not allow any other companies to work with PdVSA.
The Treasury Department said that all other sanctions on Venezuela will remain in place and that the US will “vigorously enforce these sanctions.”
According to The Wall Street Journal, Biden administration officials said the license is good for six months and that it could be revoked or amended at any time if Maduro stops the talks with the opposition coalition, which have been taking place in Mexico.
The Trump administration first imposed sanctions on Venezuela in 2017 and ratcheted up the pressure in 2019 when the US recognized Juan Guaido as the “interim president” and backed a failed coup against Maduro. The US continued to increase sanctions on Venezuela after the failed coup to the point where the country was essentially under a US trade embargo, a policy that has had a devastating impact on the civilian population.
The Biden administration’s effort to get oil flowing out of Venezuela is likely an effort to keep global prices down. The issuance of the license comes as the US and its allies are planning to implement a price cap on Russian oil that could backfire and cause Russia to cut production significantly.
“The US continued to increase sanctions on Venezuela after the failed coup to the point where the country was essentially under a US trade embargo, a policy that has had a devastating impact on the civilian population.”
Well, if the US did nothing, what message would that send? That they think they have a right to settle their own internal affairs? And then what, A domino effect? Please allow the US to burn a few more villages to save a few more villages and you will all be better off. Right now, the US has to send out some weaponry to Ukraine to stop the Russian aggression..
Venezuela needs to give Uncle Schmuel the BIG F-U…
Venezuela’s oil exports in Sept boosted by sales to China, swaps with Iran.
https://www.reuters.com/markets/commodities/venezuelas-oil-exports-sept-boosted-by-sales-china-swaps-with-iran-2022-10-04/
As I understand it, effective 2022, the US became a net importer of oil. Following Biden’s January 2021 diktat, for the sake of appearing to do something about climate change, we “pure” Americans began making the rest of the world provide us with oil. And this policy in concert with our foreign policy is making US oil companies richer and the rest of the world poorer — and very very cold. But hey, we’re all cozy here, especially in California (it’s 50 F at 9pm). Thank the gods it’s not in the 20’s like it is in Kiev — or in the teens as it is in Moscow. As South Park put it, we have our smug to keep us warm.
Biden is going to slap a windfall profits tax on Chevron, Exxon/Mobile, et al. (I am being a facetious here). Not going to happen.
The US has granted Chevron a limited license to restart pumping oil in Venezuela
wow maybe the US can also grant Chevron a license to pump oil in Syria, instead of just stealing it.
hey isn’t Chevron already busy pumping oil from Iraq?
Destroy their country and then suddenly things are “on sale” for pretty cheap.
“Under the deal, the funds will go toward humanitarian and economic development projects.” Sounds like total BS to me. Please tell me the money is not going to a US based NGO to support unrest in Venezuela. I hope Maduro is not that stupid.
The presidential election campaign has begun. Trump has declared. Biden tries to decrease the price of gas at your pump. He considers running too. Nothing new here.