CVX Chevron Corporation

On Wednesday, the Wall Street Journal (WSJ) reported that the Biden administration might scale down its sanctions on Venezuela’s authoritarian regime under President Nicolás Maduro. The report cited people familiar with the matter. The WSJ report indicated that the easing of restrictions will benefit energy giant Chevron (NYSE:CVX) as it can resume drilling Venezuelan crude. However, it also included a statement by the White House National Security Council Spokesperson Adrienne Watson, indicating that the U.S. government has no such intentions “without constructive steps” by Maduro to regain democracy in the country. Following the WSJ report, a Reuters report also reaffirmed the Biden administration’s stance on Venezuela sanctions.
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