Chevron Boosts Venezuela Oil Output While U.S. Is Eyeing New Sanctions

Chevron Corp. has ramped up output at a key Venezuela oil project to levels not seen in almost a year, offering a thorny reminder of how U.S. sanctions are failing to deliver a knockout of Nicolas Maduro’s regime.

The U.S. is eyeing tougher sanctions that could target Russian producer Rosneft PJSC and potentially affect Chevron’s waiver as tensions rise between the countries. On Monday, Maduro said he’s planning an international lawsuit against the U.S. for damages incurred by Venezuelan companies. He is also considering giving operational control to foreign producers at some fields to bring in cash and, perhaps, nudge other U.S. companies to seek access to Venezuela’s huge oil reserves.