Chevron Corp could soon win U.S. approval to expand operations in Venezuela and resume trading its oil once the Venezuelan government and its opposition resume political talks, four people familiar with the matter said on Wednesday.
A U.S. authorization for Chevron to help rebuild the country's sagging oil production was one of the biggest plums for bringing about talks between the Venezuelan government and its opposition.
White House officials aim to "shift oil sales from illicit and non-transparent channels to transparent, legitimate channels," the person said. The United States could revoke permissions if the Maduro administration fails to negotiate in good faith or uphold its commitments, that person said. The United States this year has kept oil prices from soaring by releasing more than 200 million barrels of the nation's emergency oil reserves. But those releases are due to end soon.Biden's administration had signaled any easing of Venezuela sanctions, including granting Chevron a broad license to revive oil output and regain trading privileges in Venezuela, would come only if the two sides had progressed in political talks.
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