Since 2017, the Trump administration levied financial sanctions, an oil embargo, secondary sanctions and a raft of other measures against Venezuela’s most important industry. The California-based corporation has reportedly reached an agreement with PDVSA to revamp operations following months of talks, with Venezuelan Oil Minister Tareck El Aissami claiming “the ball is in the US’ court” concerning a new license. Prior reporting stated that the oil corporation’s deal with PDVSA did not involve any changes to existing stakeholding structures, while the WSJ claimed Chevron would take full operational control over its Venezuela projects.