In 2022, the White House granted Venezuela a financial lifeline “to support the restoration of democracy” after President Nicolás Maduro promised to work toward an open presidential election, granting U.S. energy giant Chevron a permit to pump and export Venezuelan oil despite sanctions.
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FILE - Venezuelan's then Oil Minister Tareck El Aissami, left, shakes hands with then Chevron President in Venezuela, Javier La Rosa, during an agreement signing ceremony in Caracas, Venezuela, Dec. 2, 2022. FILE - Opposition leader Maria Corina Machado holds up tally sheets during a protest against the reelection of President Nicols Maduro one month after the disputed presidential vote which she says the opposition won by a landslide, in Caracas, Venezuela, Aug. 28, 2024.
The White House has ignored calls from the main opposition coalition, as well as Republicans and Democrats in the U.S. Congress, to cancel a permit that now accounts for around a quarter of the South American country's oil production. Locked out of world oil markets by U.S. sanctions, Venezuela sold its remaining oil output at a discount — about 40% below market prices — to buyers like China and other Asian markets. It even startedOnce Chevron got a license to export oil to the U.S., its joint ventures quickly began producing 80,000 barrels a day, and by 2024, they topped their daily output from 2019. That oil is sold at world market prices.
Chevron did not answer questions from The Associated Press regarding the joint ventures, including payments made to Venezuela's treasury. “In the end, one wonders, and quite rightly so, why the Biden administration continues to maintain a license whose objective was not achieved,” said Rafael de la Cruz, who is an adviser to the opposition campaign of Edmundo González and María Corina Machado. He said the opposition has estimated that Maduro’s government has received about $4 billion through the operation of the joint ventures.
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