The Trump administration is reversing its stance on Chevron’s licence to produce oil in Venezuela, in a significant softening of policy towards the authoritarian socialist government of President Nicolás Maduro.

The Trump administration had canceled Chevron’s license soon after taking office, charging the Maduro government was slow to take back deported Venezuelans.

The United States is preparing to grant new authorizations to key partners of Venezuela's state-run PDVSA, starting with Chevron , to allow them to operate with limitations in the sanctioned OPEC nation and swap oil,