US Could Soon Approve Chevron To Expand Venezuelan Oil Operations - Reports

The United States could soon approve Chevron Corporation to expand operations in Venezuela to help bolster the country's oil production, Reuters reported on Wednesday

WASHINGTON (UrduPoint News / Sputnik - 23rd November, 2022) The United States could soon approve Chevron Corporation to expand operations in Venezuela to help bolster the country's oil production, Reuters reported on Wednesday.

The US could approve Chevron to vastly expand their Venezuelan oil operations as early as Saturday, once the government and opposition resume political talks, the report said, citing three people familiar with the matter.

US authorization for Chevron to help rebuild Venezuela's oil industry was one of the biggest plums for initiating talks between the Venezuelan government and their opposition, the report said.

Earlier this month, sources told Sputnik that the Biden administration is looking at Venezuela as an additional source for crude oil amid global energy market volatility, but has no intention of a blanket lifting of sanctions.

The US hopes to lower gasoline prices for US consumers following production cuts made by the Saudi-led OPEC+ group to stabilize the global market, the source said.