The United States grants Chevron a limited authorization to extract oil in Venezuela after a humanitarian agreement

Government and opposition of Venezuela resume dialogue in Mexico City 3:21

(CNN) --

The United States has granted Chevron limited authorization to resume oil extraction from Venezuela, following the announcement Saturday that the Venezuelan government and the opposition have reached an agreement on humanitarian aid.

The parties will continue to negotiate a solution to the country's economic and political crisis, including a focus on the 2024 elections.

A senior US government official described Saturday's announcements as "important steps in the right direction", but noted that much remains to be done as both sides work to find a more permanent solution to the current crisis.

The official also highlighted the limited nature of the authorization and said they do not expect this to have a tangible impact on international oil prices.

He added that the measure is intended as an incentive for negotiations, not a reaction to high world oil prices.

• The role of the US, the sanctions and the shadow of Alex Saab: what we know about the resumption of the dialogue between the Venezuelan government and the opposition

The Treasury Department's Office of Foreign Assets Control issued Venezuela's General License 41 on Saturday, authorizing Chevron to "resume limited natural resource extraction operations in Venezuela," according to a Treasury press release.

This is a six month license and can be revoked by the US at any time.

In addition, any profits made will go toward paying off the debt owed to Chevron and not to the Maduro regime, according to the senior official, and the US government will continue to require meaningful reporting from Chevron about its financial operations.

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"GL 41 authorizes activity related to Chevron joint ventures only in Venezuela, and does not authorize other activities with PDVSA. Other Venezuela-related sanctions and restrictions imposed by the United States remain in effect; the United States will vigorously enforce these sanctions and will continue to hold the United States accountable. any actor that engages in acts of corruption, violates US laws or abuses human rights in Venezuela,” the Treasury Department said.

PDVSA is the Venezuelan state oil and gas company.

• Chevron: the impact of the oil company's exit from Venezuela

Chevron CEO Mike Wirth told Bloomberg TV earlier this year that if there were a thaw in relations between the two countries, it would still take months or even years to restore their oil fields in the country and that "there would not be an instantaneous effect "in oil production.

If the Venezuelan regime continues to take concrete steps to reach a negotiated solution, there may be targeted sanctions relief in the future, according to the official.

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