OPINION: The partial lifting of US sanctions on Venezuela announced last week looks to all intents and purposes like a move by US President Joe Biden’s administration to usher in new supplies of crude oil onto global markets, but it may prove to have a greater impact on the gas sector.

The move drew the spotlight to Chevron, the US supermajor that remains most exposed to the troubled South American country.

Unlike ConocoPhillips, which walked away from multi-billion dollar assets to pursue international arbitration after Venezuela’s past moves to seize control, Chevron retains interests in four dormant joint ventures with Venezuela’s state-controlled oil company PDVSA.