The US is ready to let Chevron increase oil production in Venezuela

One of the biggest rewards for the opening of negotiations between the Venezuelan government and its opposition was the permission given by the United States to Chevron to help it rebuild the country’s failing oil production.

U.S. officials have tried this year to facilitate a return to talks between socialist President Nicolas Maduro and the country’s opposition by offering mild sanctions relief and releasing some Venezuelans from U.S. prisons.

Both Venezuelan parties and US officials are pushing for talks to take place in Mexico City this weekend, the people said, the first since October 2021. Maduro has gained influence this year with newly elected leftist leaders in Brazil and in Colombia and weakening opposition support.

Chevron did not immediately respond to a request for comment.

US President Joe Biden’s administration has reason to grant a broader license with US shale production gains slowing, Russian oil exports falling under sanctions and the fact that Saudi Arabia is signaling a possible OPEC production cut.

This year, the United States prevented skyrocketing oil prices by releasing more than 200 million barrels from the nation’s emergency oil reserves. These releases will end next month.

Mr. The Biden administration had signaled that any easing of sanctions against Venezuela, including giving Chevron a broad license to restart oil production and regain commercial privileges in Venezuela, would only happen if the two sides made progress in political talks.

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