U.S. extension of Chevron's Venezuela waiver 'under discussion'

• The Trump Administration is considering a possible renewal of Chevron's (NYSE:CVX) license to operate in Venezuela despite U.S. sanctions on the country's oil sector, White House economic adviser Larry Kudlow says.
• CVX is the only remaining U.S. oil major in Venezuela and wants to extend a waiver that is due to expire on July 27 to continue its joint venture with state-owned PdVSA.
• CVX obtained 42K bbl/day of oil from Venezuela in 2018, only ~1% of the company's global production, but the country is home to the world's largest oil reserves and could provide a potential bounty for oil companies if Pres. Maduro were to leave office.