Washington stated that the supply of Venezuelan oil would not yield the considerable amounts it needs even if Chevron gets a drilling permit. This was the message of National Security Council spokesman John Kirby when a press brief was held on the matter.

Washington Gets Its Hands on Venezuelan Oil

It remains to be seen if the US can get the big shipment it wants from Caracas because other oil producers have disregarded it, reported Sputnik News.

Kirby added that the firm expresses the specific issue of lifting sanctions, and the expectation is that there won't be a lot of oil flowing out of that one. It will have to be delivered to the United States the following Monday, noted Urdu Point.

It remains to be seen how much Venezuelan oil will get drilled down there, noted Washington, and it will be up to Chevron to decide on that. He highlighted that there had been presently 9,000 unutilized licenses for oil exploration on US federal lands for businesses to take advantage of.

Last Saturday, the US Treasury awarded the US oil firm a general license enabling transactions by the California-based energy firm that supports oil production in Venezuela and its export to the United States.

Purchases conducted by Chevron's strategic partnerships with Venezuelan state-owned oil giant PdVSA have been permitted as lengthy since they are connected to the manufacturing and lifting of oil or oil goods created by the Chevron JVs, citing Bloomberg.

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Selling to, exporting goods to, or shipment into the US of hydrocarbons manufactured by the oil firm JVs would be allowed as long as it is initially marketed to the oil company.

Chevron and the Oil Agreement

The Venezuelan government, led by Maduro, and the opposition resumed talks in Mexico shortly before the United States granted the permit. They agreed to try to deal with the humanitarian catastrophe while still having ongoing discussions about the outcomes of the 2024 elections.

One source with knowledge of the issue told the publication about intriguing agreements that were reached when Maduro met with US negotiators. For Caracas' oil production to increase, Western partners must be given the go-ahead to invest there, despite US sanctions.

The US has been spurned by the Middle East and other oil producers, including Saudi Arabia, which has large reservoirs of crude and is estranged from the US.

Caracas is now considered a source of needed out. Still, despite its need for the nation's oil resources, there will be no lifting of sanctions and restrictions earlier this month, mentioned Almayadeen.

Last Sunday, a high-ranking Biden administration official stated that US-imposed punitive measures and prohibitions remain in force, as should the decision to grant a license, which should not be construed as creating a conducive environment for sanctions.

But despite this, the US administration will decide if the policies stay open to further adjustments regarding sanctions. Such conditions are repressive to Caracas, but the US wants to keep its grip on the county.

Washington is taking advantage of Venezuelan oil by authorizing Chevron to be its representative, but at the same time, Caracas is still held illegally by US sanctions.

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