The Rising Influence of Rising Affluence

[DewDiligence]

US okays CVX Venezuela production—for now:

https://www.wsj.com/articles/chevron-gets-new-u-s-license-to-pump-oil-in-venezuela-again-11669487483

The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement a humanitarian program and continue dialogue in Mexico City on efforts to hold free and fair elections.

Following the agreement, the Biden administration granted Chevron a license that would allow the California-based oil company to return to its Venezuelan oil fields in joint ventures with Venezuela’s national oil company Petróleos de Venezuela SA.

…Biden administration officials said the license prohibits PdVSA from receiving profits from Chevron’s oil sales. The officials said the U.S. is prepared to revoke or amend the license, which will be in effect for six months, at any time if Venezuela doesn’t negotiate in good faith.