The Trump administration is allowing Chevron to continue operating in Venezuela at least until October despite U.S. sanctions aimed at ousting President Nicolás Maduro by choking off revenue from the world’s largest crude reserves.
Friday’s action gives Chevron until October 25, when the Treasury Department will decide again whether to revoke or renew the license for a second time. The license was originally issued in January for six months.
Chevron didn’t immediately respond to an inquiry from The Associated Press seeking comment.
Chevron has operated in the South American country for almost a century and its four joint ventures with state-run oil monopoly PDVSA currently produce about 200,000 barrels a day. That’s about a quarter of Venezuela’s total production in June.