Biden eases Venezuela sanctions

The Biden administration is easing some oil sanctions on Venezuela in an effort to support newly restarted negotiations between the Venezuelan government and its opposition. The Treasury Department is allowing Chevron to resume “limited” energy production in Venezuela after years of sanctions that have dramatically curtailed oil and gas profits that have flowed to President Nicolás Maduro's government. Earlier this year the Treasury Department again allowed the California-based Chevron and other U.S. companies to perform basic upkeep of wells it operates jointly with state-run oil giant PDVSA. Under the new policy, profits from the sale of energy would be directed to paying down debt owed to Chevron, rather than providing profits to PDVSA.