Amid tightening supply of heavy oil on global markets Chevron is asking the Trump administration for sanction relief in Venezuela so it could continue doing business there, Bloomberg reports quoting sources close to the company, noting that the U.S. supermajor is currently operating under sanction waivers that expire in late July and is hoping for an extension. Chevron, together with Venezuela’s PDVSA, operates the Petroboscan joint venture, in which it holds a 39-percent stake. Like PDVSA’s other JVs, Petroboscan suffered production outages earlier this year after a series of blackouts hit Venezuela. The country’s total oil production has fallen sharply—averaging 768,000 bpd in April—and it will fall by another 300,000-400,000 bpd if Washington refuses to extend Chevron’s and others’ sanction waivers, according to an energy analyst who spoke to Bloomberg. “The Trump administration will have to reconcile that volume with the value of maintaining a strong U.S. foothold in […]