https://sputnikglobe.com/20221213/us-let-chevron-extract-venezuelan-oil-to-aid-eu-allies-amid-energy-cuts-investor-rogers-1105409992.html
US Let Chevron Extract Venezuelan Oil to Aid EU Allies Amid Energy Cuts: Investor Rogers
US Let Chevron Extract Venezuelan Oil to Aid EU Allies Amid Energy Cuts: Investor Rogers
Sputnik International
WASHINGTON (Sputnik) - A decision by the United States to grant Chevron an extraction permit aims to help Washington's European allies amid energy shortages... 13.12.2022, Sputnik International
2022-12-13T06:36+0000
2022-12-13T06:36+0000
2022-12-13T06:36+0000
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"The shortages are more serious in Europe and that's why the US is trying to help the European allies. And so they’ve said to Venezuela, ok, you can sell your oil," Rogers said. "The US wants to help its allies and the more energy that Europe has and other allies, the less problems and the less pressure they will have. So if you ask me, it's because America saw what was happening to its allies, wanted to help them and so removed some of the restrictions."In November, the Treasury Department issued a general license authorizing Chevron to resume a six-month natural resource extraction operation in Venezuela. However, the US government retains the authority to amend or revoke the authorization at any time should the Venezuelan government fail to negotiate in good faith or follow through on its commitments with the country's opposition.Sources told Sputnik earlier in the month that Chevron has signed contracts with the Venezuelan government and state oil company PDVSA to resume oil production operations in the country.The contracts enable the parties to implement the new US government license in accordance with the guidance provided by the US Treasury Department's Office of Foreign Assets Control (OFAC), the sources said.A Chevron spokesperson told Sputnik the company will conduct its business in Venezuela in compliance with the sanctions framework provided by OFAC.The sources said the license does not allow for Chevron to expand its operations in Venezuela and Western partners would need to be allowed to invest to increase oil production. An increase will take time given that US sanctions are still in place, they said.
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us, chevron, extract venezuelan oil, aid eu, energy crisis
us, chevron, extract venezuelan oil, aid eu, energy crisis
US Let Chevron Extract Venezuelan Oil to Aid EU Allies Amid Energy Cuts: Investor Rogers
WASHINGTON (Sputnik) - A decision by the United States to grant Chevron an extraction permit aims to help Washington's European allies amid energy shortages, renowned US investor Jim Rogers told Sputnik.
"The shortages are more serious in Europe and that's why the US is trying to help the European allies. And so they’ve said to Venezuela, ok, you can sell your oil," Rogers said. "The US wants to help its allies and the more energy that Europe has and other allies, the less problems and the less pressure they will have. So if you ask me, it's because America saw what was happening to its allies, wanted to help them and so removed some of the restrictions."
In November, the
Treasury Department issued a general license authorizing Chevron to resume a six-month natural resource extraction operation in Venezuela. However, the US government retains the authority to amend or revoke the authorization at any time should the Venezuelan government fail to negotiate in good faith or follow through on its commitments with the country's opposition.
Sources told Sputnik earlier in the month that Chevron has signed contracts with the Venezuelan government and state oil company PDVSA to resume oil production operations in the country.
The contracts enable the parties to implement the new US government license in accordance with the guidance provided by the US Treasury Department's Office of Foreign Assets Control (OFAC), the sources said.
A Chevron spokesperson told Sputnik the company will conduct its business in Venezuela in compliance with the sanctions framework provided by OFAC.
The sources said the license does not allow for Chevron to expand its operations in Venezuela and Western partners would need to be allowed to invest to increase oil production. An increase will take time given that US sanctions are still in place, they said.
