The U.S. Treasury Department renewed a license Friday for Chevron to operate its oil production in Venezuela, a country sanctioned by the U.S., potentially setting up a broader license agreement later in the year. Under the current license, Chevron is allowed to continue to maintain its staff and operation infrastructure as well as payments on third-party invoices, local taxes and utility services. The license allows Chevron to conduct "transactions and activities necessary for safety or the preservation of assets in Venezuela," according to the report. A positive outcome of these meetings could result in restoring oil transactions between the U.S. and Venezuela. Chevron's new license extends its current agreement through the end of November.

Source: Fox News May 28, 2022 05:32 UTC