According to a report on the website of the British "Financial Times" on November 26, the easing of oil sanctions represents a major change in the attitude of the United States towards the Venezuelan government.
The U.S. has previously worked to force President Maduro out of office.
In 2019, the United States and dozens of allies recognized opposition leader Juan Guaido as the country's legitimate leader after claiming Maduro stole the presidency in the 2018 election.
Under sanctions imposed by the Trump administration in 2019, Chevron was only allowed to keep assets in Venezuela but not export crude or expand operations as part of pressure on Maduro.
According to reports, Venezuela has the world's largest proven oil reserves, and once extracted more than 3 million barrels of oil per day.
Its oil production is now below 1 million barrels a day after years of poor management and the face of U.S.-led sanctions.
Francisco Monardi, an expert on Venezuelan energy policy at the Baker Institute in the United States, estimated that Chevron's Venezuelan joint venture could increase oil production from the current 50,000 barrels a day "within months," the report said. to 80,000 barrels to 100,000 barrels.
After that, "substantial investment will be required and it will take about two years to achieve an additional 120,000 barrels of oil per day".
The report pointed out that after the conflict between Russia and Ukraine broke out this year, the Biden administration has been seeking alternatives to Russian energy, in part to combat rising oil prices.
The European Union will ban imports of Russian oil from December 5.
(Source: Reference News)