CNBC: U.S. issues expanded license to allow Chevron to import Venezuelan oil
* Chevron received an expanded U.S. license allowing it to resume production in Venezuela and to import the South American country’s crude into the U.S.
* The decision allows Chevron to revive existing oil projects in the U.S.-sanctioned country and bring new oil supplies to refiners in the U.S.
* The deal restricts cash payments to Venezuela, however, which could reduce the amount of oil available to Chevron.
Chevron on Saturday received an expanded U.S. license allowing the second-largest U.S. oil company to resume production in Venezuela and to import the South American country’s crude into the United States.
The decision allows Chevron to revive existing oil projects in the U.S.-sanctioned country and bring new oil supplies to refiners in the United States. However, it restricts cash payments to Venezuela, which could reduce the amount of oil available to Chevron.
License terms are designed to prevent Venezuelan state-run oil firm PDVSA from receiving proceeds from Chevron’s Venezuelan petroleum sales, U.S. officials said. The license lasts for six months and will be automatically renewed monthly thereafter, according to the U.S. Treasury.
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WNU Editor: Washington limits oil production in the U.S., but encourages oil expansion in Venezuela.
As usual. Washington makes a decision that makes no sense.
U.S. To Increase Oil Production In Venezuela
U.S. grants Chevron license to pump oil in Venezuela -- Washington Post
US grants Chevron approval to pump oil in Venezuela -- Washington Examiner
U.S. gives Chevron go ahead to pump oil in Venezuela again -- Axios
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