• 3 minutes TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 55 mins How to Create a Pandemic
  • 50 mins Which producers will shut in first?
  • 2 hours KSA taking Missiles from ?
  • 2 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 2 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 1 hour Trump eyes massive expulsion of suspected Chinese spies
  • 2 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 10 mins WE have a suicidal player in the energy industry
  • 29 mins Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 16 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 17 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
Why Are Tesla Cars So Popular?

Why Are Tesla Cars So Popular?

From their sleek futuristic design…

The Oil Glut Is About To Get Even Worse

The Oil Glut Is About To Get Even Worse

With OPEC+ countries flooding the…

This Could Be The End Of Chevron’s Business With Venezuela

Chevron

The Trump Administration is unlikely to grant U.S. supermajor Chevron another waiver to operate in Venezuela as the United States is increasing pressure on Nicolas Maduro’s regime, Bloomberg reported on Thursday, quoting people familiar with the issue.

Chevron, the last remaining U.S. oil firm with operations in Venezuela, last month obtained a waiver extension by the U.S. Administration to continue operations in the Latin American country for another three months until April 22.  

However, the U.S. has stepped up sanctions pressure on Venezuela’s oil industry since January, and Chevron’s waiver probably will not be extended beyond April, Bloomberg’s sources said.  

At the beginning of February, the U.S. warned companies doing business with Venezuela, including Rosneft and even Chevron, to “tread cautiously towards their activities in Venezuela,” because more sanctions on Maduro’s regime would be coming.  

Two weeks later, the United States slapped sanctions on a Geneva-based trading unit of Russian oil giant Rosneft, saying that the company Rosneft Trading has been helping Maduro’s regime to evade sanctions and to continue selling oil to keep the regime alive.

Now the U.S. Administration is looking to further increase the pressure on Venezuela’s oil industry and exports.

“The President has made a decision to push harder on the Venezuelan oil sector and we’re going to do it. And what we’re telling people involved in this sector is that they should get out of it,” Elliott Abrams, U.S. Special Representative for Venezuela, told Reuters in an interview on Monday.

The Trump Administration is considering whether to extend the waiver to Chevron in light of the increased sanctions pressure on Venezuela, Abrams told Reuters, but declined to comment on specifics.

Earlier this month, Bloomberg reported that officials at the Trump Administration are back discussing a plan to oust Maduro by potentially persuading people in his ruling party to turn against him and agree to a power-sharing agreement with the Venezuelan opposition.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment
  • Nick Choukor on February 28 2020 said:
    Heavy Geopolitical Leveraging Of Global Oil Output And Prices Is What Got Us Here. Granted, Coronavirus Hastened It, But Mainly Didn't Cause It. Strategic Review Is In Order. Extending Chevron Waivers, Along With Iraq Waivers Is Advisable; And While Libyan Oil Production Problems Are Caused By Others, It Is Also Advisable To Help Return To Production. There Are Currently So Many Forces Against Production And Prices, It Is Like Building Levies To Counter Tsunamis. Courageous And Smart Decisions Can Staunch The Bleeding And WTI Could Remain Above $42/Brl, Then Resume Upward Trajectory Regardless Of Demand. It So Happens There Is Unawares Consensus On That.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News