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Chevron Wins 90-Day Venezuela Waiver Despite Agency Opposition

  • Last major U.S producer in Venezuela sought 6-month extension
  • Compromise reached after majority of agencies opposed waiver
Attendees stand near Chevron signage during the World Gas Conference in Washington.

Attendees stand near Chevron signage during the World Gas Conference in Washington.

Photographer: Andrew Harrer/Bloomberg
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Chevron Corp. and four oil services companies won a last-minute U.S. government reprieve to continue producing oil in Venezuela, albeit only for a 90-day period.

The U.S. Treasury Department supported Chevron’s request to extend its sanctions waiver by six months, but the majority of other government agencies involved opposed any extension at all, a senior administration official told reporters on a call Friday. President Donald Trump backed a compromise between the two positions, resulting in the three-month time period.