Venezuela: oil sanctions eased, Chevron pleased
Negotiations barely got started in Mexico between representatives of Venezuelan President Nicolás Maduro and his political opposition before the United States announced the loosening of oil sanctions imposed on the regime. The move, allowing Chevron to begin pumping oil again, comes amid global energy shortages following Russia’s invasion of Ukraine. Chevron is also to take operational control of the Petropiar refinery near Barcelona in northeast Venezuela. But profits are to go to Venezuela’s creditors in the US, not the state oil company, PDVSA. Social programs funded through PDVSA have been a cornerstone of Maduro’s support. (Map: Perry-Castañeda Library)