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US to Ease Sanctions on Venezuela, Enabling Cargoes to Europe

  • European firms operating in country could send oil immediately
  • Decision doesn’t allow Chevron to drill or export oil
An oil refinery in Puerto Cabello, Venezuela.

An oil refinery in Puerto Cabello, Venezuela.

Photographer: Meridith Kohut/Bloomberg

Updated on

The Biden administration plans to ease sanctions on Venezuelan oil in a bid to bring more of the country’s crude to Europe. 

The U.S. will allow European companies still operating in Venezuela to divert more oil to the continent immediately while Chevron will be allowed to negotiate a resumption of operations in the country, according to a person familiar with the matter who spoke on condition of anonymity to detail the plans. The U.S.-backed Venezuelan opposition supports the move, the person said.