Chevron sees limited scope for growth in production Venezuelan oil after the United States granted the OPEC producer limited sanctions relief last month, a U.S. company executive said at an industry event on Tuesday.
Last month, US President Joe Biden’s administration broadly relaxed sanctions on Venezuela’s oil sector in response to a deal reached between the government and the opposition for the 2024 presidential election.
A new general license issued by the US Treasury Department authorized the South American country to produce and export oil without limitations to the markets of its choice for the next six months.
“The trick is that it is a six-month license”he declared Patti Leighvice president of crude oil supply and trading Chevronat the Argus European Crude Oil Conference.
“In the short term, I don’t think that license will have a big impact.“he added Leighadding that it would be necessary to extend it so that capital flows into the country’s oil industry and significant growth occurs.
Source: Gestion
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