Chevron to reactivate operations in Venezuela
The United States government authorized Chevron to reactivate its operations in Venezuela as a strategy to stabilize the oil market
United States President Joe Biden authorized Chevron to start the reactivation of its operations in Venezuelan territory and it is estimated that the decision will be formalized this week, within the framework of the talks between the representatives of the North American government and the national executive, after the increase in crude oil prices as a result of the war between Russia and Ukraine.
Chevron is considered the second oil company in the United States and the seventh in the world and is the only one that “still operates in the crude oil sector in Venezuela”. Its history has been in the country for several decades and it has approximately 8,000 workers.
Four executives of the oil company visited the Venezuelan capital last week with the purpose of initiating the organization of the return of Venezuelan oil sales to the United States.
As will be recalled, the US Department of the Treasury extended in June 2021 until December 1st, 2021, the license that allowed the US oil company to continue its essential operations in the country despite the sanctions of the US government against the state company Petróleos de Venezuela (PDVSA). During 2021, the company’s pressure on the Joe Biden government was quite notorious, but the war between Russia and Ukraine “generated the right conditions for its execution.”
Stabilizing the oil market
According to information published by some news agencies, the measure was confirmed by the governments of the United States and Venezuela as part of Washington’s strategy to stabilize the oil market in the face of the sanctions imposed on Russia for the invasion of Ukraine.
In this connection, the Washington Post newspaper publishes: “Chevron seeks to double the production of 800,000 barrels per day in Venezuela in a few months. That could replace the loss of approximately 700,000 barrels per day that the United States imported from Russia before it attacked Ukraine, which could help lower the price of gasoline, a fact that has become a big “concern” for the US president in a difficult electoral year.
Joe Biden’s government does not plan to “lift all retaliation against Venezuela” because it could cause some problems with the Democrats ahead of the legislative elections.
M. Rodríguez
With information from eluniversal.com and specialized news agencies
