The Treasury Department granted permission Saturday for oil giant Chevron to produce and export oil from Venezuela following the South American country’s decision to restart talks with opposition groups.
The move could add supply to the global oil market, which may ease fuel prices and speed the declines in U.S. gasoline prices that have been a political burden for President Joe Biden since Russia invaded Ukraine in February.
But a senior administration official said the easing of sanctions was not driven by the oil market pressures and was instead a response the Venezuelan regime’s decision this week to participate in the negotiations with opposition groups. Those talks, which were originally launched in Mexico City in September 2021, are expected to focus on humanitarian programs and setting future elections.
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