U.S. Eases Oil Sanctions on Venezuela, Chevron to Resume Some Production

The United States eased its oil sanctions on Venezuela on Saturday as it authorized Chevron to resume pumping crude oil in the Latin American country and export it to the U.S.

This decision allows Chevron, the second-largest U.S. oil company, to continue working on existing projects in Venezuela through a license, which could be canceled by the U.S. at any time, that lasts six months and will be automatically renewed afterwards on a monthly basis, Reuters reported.

The move came after the Venezuelan government and the Unitary Platform, a Venezuelan opposition group, reached a humanitarian agreement on Saturday, the U.S. Department of Treasury said in a statement on its website.

The humanitarian agreement that was reached as per talks in Mexico City is expected to help Venezuelans with education, health, and food security. It is also focused on flood response and electricity programs.