The U.S. may be on the verge of giving Chevron Corp. permission to expand its oil operations in Venezuela, provided talks can resume with the opposition.
To stave off soaring energy prices this year, President Biden has released more than 200 million barrels from the nation’s emergency oil reserves, though those are due to end soon.
Chevron has held a joint venture with PDVSA, the Venezuelan state oil-firm, producing around 200,000 barrels per day before U.S. sanctions and lack of financing scaled back output. Venezuela’s oil is also heavier and grimier and is more suited for making asphalt and petrochemicals rather than being used for cars. Extracting gasoline and diesel from Venezuela’s oil would require a complicated refining process.
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