US moves fast to expand Chevron’s Venezuela license, switching to cash for oil

The United States says it’s accelerating an expanded license for Chevron to boost oil production and exports from Venezuela, with Secretary of Energy Chris Wright explaining Chevron would be allowed to pay the Venezuelan government in cash instead of oil, enabling it to export all the crude it produces. The move, part of efforts to revive Venezuela’s oil industry after Maduro’s ouster, would shift away from the current oil-in-kind royalties and have the sale proceeds held in Qatari accounts controlled by the U.S., with plans to route funds through U.S. banks.