Chevron's Venezuela waiver not impacted by new US prohibitions

President Donald Trump's executive order prohibiting nearly all crude, diluent and all other commercial trade with Venezuela will not immediately impact a waiver granted to Chevron and other US oil services companies allowing them to continue working with PDVSA.

But analysts believe the executive order, signed by Trump late Monday, clearly signals that Chevron's waiver will not be renewed when it expires October 25.

"There's nothing in [the order] that I would interpret as preventing Chevron from conducting ordinary business operations in Venezuela under the terms of the general license," said Neil Bhatiya, an associate fellow with the Center for a New American Security. "The administration could always decline to renew the general license when the deadline expires obviously, in which case Chevron would be exposed to penalties."

Read the full article and more in S&P Global.