12:49 ET Chevron Corp. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. People familiar with the matter said the Biden administration is preparing to scale down sanctions on Venezuela that will allow Chevron Corp. to resume pumping oil in the country, The Wall Street Journal reported. This would begin a path toward a possible reopening of U.S. and European markets to oil exports from Venezuela. The U.S., Venezuela's government and some Venezuelan opposition figures have also worked out a deal to free up hundreds of millions of dollars in Venezuelan state funds frozen in American banks to pay for imports of food, medicine and equipment. The government of Venezuelan President Nicolas Maduro would resume talks with the country's opposition to discuss conditions needed to hold free and fair presidential elections in 2024, the people said. Dow Jones & Co. owns Factiva. (jennifer.tershak@wsj.com)

(END) Dow Jones Newswires

October 06, 2022 13:05 ET (17:05 GMT)

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