The Biden administration has renewed a license partially exempting Chevron from sanctions on Venezuela so it can keep operating in the oil-rich, socialist-run nation.
The license issued Friday by the U.S. Treasury Department allows the California-based Chevron and other U.S. companies to perform only basic upkeep of wells it operates jointly with state-run oil giant PDVSA, dashing the hopes of those who wanted to see a resumption of exports to ease pricing pressure at American pumps.
