U.S. Allows Chevron to Expand Energy Operations in Venezuela

The U.S. Treasury on Saturday granted Chevron a license for a limited expansion of energy operations in Venezuela, signaling the possible beginning of the country’s re-entry into the international oil market. Foreign investment in the oil sector is something that Venezuela’s authoritarian president, Nicolás Maduro, desperately needs to improve the economy.

The license was issued in response to the resumption of talks between representatives of Mr. Maduro’s government and the Venezuelan opposition in Mexico on Saturday, after a stalemate that stretched more than a year. The two sides agreed that billions in government funds frozen abroad should be transferred to a humanitarian fund administered by the United Nations.

A senior Biden administration official described Saturday’s announcements as “important steps in the right direction,” but added that there was “a long way” to go in resolving Venezuela’s complex economic, political and humanitarian crisis.