(WASHINGTON) — The Trump administration has granted Chevron a particular license to abet drilling oil in Venezuela despite a ban on American companies doing industry with President Nicolás Maduro’s socialist authorities.
The Treasury Department unhurried Friday renewed till April 22 the license for Chevron and four diversified U.S. service suppliers that are amongst the final American companies working within the oil-properly off South American nation. It’s the fourth time the U.S. has exempted the companies from the Venezuela ban.
Chevron, a San Ramon, California-primarily primarily based firm, has operated in Venezuela for just about a century. Its four joint ventures with Venezuela’s instruct-bustle oil monopoly PDVSA produce about 200,000 barrels a day. That’s about a quarter of Venezuela’s full production, per the Organization of the Petroleum Exporting Countries.
Critics amongst Venezuela’s opposition impart that Chevron’s persisted presence within the country undercuts the Trump administration’s unbiased of ousting Maduro by providing him a precious lifeline of badly-wanted export greenbacks.