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,

Seizures of more tankers could put a stranglehold on Venezuela’s economy, which is exceptionally dependent on oil to keep the government running and pay for basic necessities.

CVX steps in with essential feedstock as Venezuela faces fresh supply hurdles and geopolitical friction reshapes crude-loading operations.

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.

Mike Wirth has begun having conversations with Chevron’s board over his future and a possible successor as he approaches a decade atop the company, the US supermajor’s chief executive revealed Tuesday.