Venezuela’s Oil Output Could Fall Again Soon

On Tuesday, the Trump administration told the last remaining American oil companies in Venezuela that they had until December to wind down operations in the country. The Treasury Department’s Office of Foreign Assets Control (OFAC) issued a new license that only authorizes “limited maintenance of essential operations” in Venezuela, with a wind down period ending on December 1. Companies affected include Chevron, Halliburton, Schlumberger, Baker Hughes and Weatherford International. Essentially, the companies can continue very…