Chevron wants to ramp up Venezuelan oil under US sanctions
Chevron is hoping to step up its game in Venezuela by asking the US for a bigger license.
If they get it, they'll be able to send more Venezuelan oil to their refineries and open up new sales opportunities—even though most US companies can't operate there due to sanctions.
Right now, Chevron's the only major American oil player left in Venezuela.
What's behind the push?
This move fits into a bigger plan between the US and Venezuela: bringing up to 50 million barrels of Venezuelan oil stateside, which also helps Venezuela's state-run PDVSA manage its stockpile during tough embargoes.
If Chevron gets the green light, it could bounce back from export cuts made last July and even start selling oil internationally again.
Plus, other US companies like Valero and Exxon might get in on future deals too.