The Trump administration on Thursday reportedly renewed a license for oil major Chevron (CVX) to continue pumping oil in Venezuela. According to a Bloomberg report, citing sources familiar with the matter,

Chevron Corp. is currently engaged in talks with the Trump administration over its Venezuelan operations, with Chief Executive Officer Mike Wirth emphasizing that its continued presence there is beneficial to U.

The Houston-based oil major, which is the only US crude producer left in Venezuela, sent employees Monday to its facilities around the country, according to people with knowledge of the situation who asked not to be named discussing private information.

Venezuela is tapping Chevron Corp. for supplies of a key feedstock after a U.S. warship blocked the path of a Russian vessel near the country's coast.

Chevron Chief Executive Officer Mike Wirth discusses the impact of lower oil prices on exploration, discussions with the Trump administration on remaining in compliance with sanctions in Venezuela, power needs for artificial intelligence,

Chevron is flying employees from Caracas to its oil production sites in Venezuela despite a US warning that air travel in the region may be unsafe due to military satellite interference.

The US sanctioned three of Nicolas Maduro’s nephews as well as six oil tankers, ramping up pressure on the Venezuelan president a day after seizing a vessel carrying crude off the country’s coast.