The Trump administration is reversing a ban on Chevron’s oil operations in Venezuela, reversing a decision made by the Biden administration in 2022. The move comes after a prisoner swap deal that saw the return of 10 remaining Americans detained by the Venezuelan government.
Chevron had obtained a license to do business with Venezuela under the Biden administration, but it was rescinded by the Trump administration in February due to concerns over fair elections and human rights. However, President Donald Trump has now reversed this decision, allowing Chevron to resume operations.
The reversal is seen as part of a shift in foreign policy thinking, with Secretary of State Marco Rubio suggesting that the US would focus more on strategic interests than values. The new license will impose guardrails to prevent the Maduro regime from benefiting from oil sales.
Chevron’s spokesperson said the company complies with US laws and regulations, including sanctions frameworks in place for Venezuela. Southern US refiners are eager for the flow of heavy Venezuelan oil, which is attractive for their refineries.
The deal has been praised by Florida Republicans, who had opposed Chevron licenses under previous administrations. The State Department has assured that no benefits will be received by the Maduro regime.
However, experts say it’s unclear whether the new license will allow Chevron to operate freely or if other companies will also be licensed to invest in Venezuelan oil.
Source: https://www.foxbusiness.com/politics/trump-admin-allows-chevron-again-pump-oil-venezuela-reversing-ban