Chevron Barred from Drilling, Transporting Oil in Venezuela

Chevron Corp has been banned from drilling or transporting oil in Venezuela and its assets there are “mothballed” as the Trump administration cracks down on money going to the government of socialist President Nicolas Maduro, a senior U.S. official said on Wednesday.

The restriction is expected to further reduce Venezuela’s crude output, which has fallen by 20% so far this year due to a collapse in oil prices and intensifying U.S. sanctions. Chevron had already halted many of the activities Washington has now prohibited.

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