Washington | The Biden administration said at the weekend it would lift a key oil sanction against Venezuela, marking the first significant crack in a years-long US embargo that could eventually help ease the tight global energy market.
Chevron, the only remaining active US oil company in Venezuela, is part of a joint venture with the country’s state oil company but has been barred by sanctions from operations there. Under a new Treasury Department licence, it will be able to resume pumping oil.
