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Stock impact report

Venezuela oil sector hit by loss of its widest US license [Reuters]

Chevron Corporation (CVX) 
Last chevron corporation earnings: 5/1 06:45 am Check Earnings Report
US:NYSE Investor Relations: chevron.com/investors
Company Research Source: Reuters
HOUSTON/CARACAS, April 18 (Reuters) - Venezuela's loss of a key U.S. license that allowed it to export oil to markets around the world and secure investment is expected to hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S deal authorizations. U.S. officials had warned that absent progress by President Nicolas Maduro's administration on implementing an electoral roadmap agreed last year, the U.S. would not renew license 44, which since October has eased oil sanctions in place for the last five years. Report this ad On Wednesday, the Treasury gave companies 45 days to wind down pending transactions, particularly crude and fuel sales, through a more restrictive license. It also said it would process specific authorization requests for business with Venezuela, a commitment Venezuelan officials said they expect the U.S. to honor. Many companies have waited for years to have energy deals involving Venezuela approved by Wa Show less Read more
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