US Allows Chevron to Restart Pumping Oil in Venezuela
Bloomberg2 days
The license renewal represents a pragmatic shift that serves American energy interests and counters Chinese influence in the region. Chevron's presence prevents adversarial actors from controlling strategic Venezuelan oil assets while ensuring US companies maintain leverage in the Western Hemisphere. The arrangement prevents cash payments to Maduro's government through oil-based compensation.
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This policy reversal undermines efforts to pressure the Maduro regime and contradicts previous commitments to Venezuelan democracy. The move rewards an authoritarian government that has cracked down on dissent and committed electoral fraud, potentially weakening the position of Venezuela's democratic opposition while providing economic relief to the sanctioned regime.