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

Mount Equity Group Tokyo Japan > News > Markets > U.S. Allows Chevron to Expand Energy Operations in Venezuela

Washington’s ultimate goal — and that of the otherwise often fractured Venezuelan opposition — is to push Mr. Maduro toward setting free and fair conditions for the 2024 presidential election. In the past, Mr. Maduro has controlled elections by barring many opposition leaders, jailing others and co-opting political parties.

Francisco Monaldi, director of the Latin America Energy Program at Rice University, said the Chevron deal was not just symbolic. Within two years, the company could be producing more than 200,000 barrels a day in Venezuela, adding to the approximately 765,000 barrels now pumped daily, according to Argus, an industry monitor.

The issue to watch going forward, he added, is whether other companies will be able to use the Chevron deal to pressure Washington into lifting further sanctions against Venezuela.

Current U.S. rules prohibit both American and foreign companies from buying Venezuelan oil. But entities like…

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