What Happened: The U.S. Treasury Department extended a sanctions waiver for Chevron and four other oil services companies on Oct. 21, allowing them to operate in Venezuela through Jan. 22, 2020.
Why It Matters: The extension will allow Chevron and its partners to maintain Venezuelan operations without running afoul of U.S. sanctions targeting the government of President Nicolas Maduro. The Maduro government had threatened to transfer Chevron's assets to Russian or Chinese companies if the Treasury Department didn't prolong the exemptions.
Background: The United States imposed sanctions against Venezuela and state-owned oil company Petroleos de Venezuela in January to raise pressure on the Maduro government. Chevron is the last major Western oil company that still operates in Venezuela.