US Sanctions Flip-Flop: Chevron Resumes Venezuela Oil Trade After 4-Day Halt

The only U.S. company authorized to trade Venezuelan oil has restarted shipments. This follows a brief, four-day pause caused by Washington's reimposition of some sanctions on Caracas. Chevron had stopped loading crude at Venezuelan ports last week. The halt came after the U.S. government did not renew a key license. That license had broadly protected Venezuela's oil sector from sanctions. The Biden administration then issued a more limited permit. This new license allows Chevron to continue its existing operations in Venezuela. The company has now resumed exporting crude oil from the South American nation. The situation highlights the unstable nature of U.S. policy toward Venezuela. Broader sanctions were relaxed in 2022 after the government and its opponents agreed to an election deal. The U.S. reinstated restrictions last month, stating Venezuela had not fully met its commitments. Chevron's operations are seen as a crucial gauge of diplomatic relations. They also provide a legal channel for Venezuelan oil to reach global markets.