5/17, 5:51 PM (Source: TeleTrader)
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Chart for: Chevron Corp

US to lift some sanctions against Venezuelan oil - report

Biden administration will ease some of the economic sanctions imposed against the Venezuelan oil industry, as reported by The Associated Press, citing officials familiar with the matter.

According to the report, this would allow Chevron Corp. to negotiate its license with the state oil company PDVSA but not drill or export any oil from the country. In addition, former top PDVSA official and nephew of Venezuela's first lady, Carlos Erik Malpica-Flores, will be removed from a list of sanctioned individuals.

The move allegedly is set to back the talks between the Venezuelan opposition and the government of President Nicolas Maduro and is coming after the release of two US citizens imprisoned in the South American country. Also, on Monday, the State Department partially reversed its policy toward Cuba after easing some Trump-era restrictions.

Baha Breaking News (BBN) / JG