US Treasury Department extends Citgo waiver for Venezuela's PDVSA

Washington — The US Treasury Department Friday again extended for three months a waiver preventing creditors of Venezuela's PDVSA from taking control of US refiner Citgo as a result of missed payments on its 2020 bonds.

The waiver, set to expire on April 22, was extended until July 22, the department said Friday.

Another waiver, allowing Chevron and four US oil services companies to continue to work in Venezuela with state oil company PDVSA, is still set to expire on April 22.

On Wednesday, Elliott Abrams, the State Department's special representative for Venezuela, declined to comment on whether the Chevron waiver would be extended.

Some analysts claim that Venezuela's oil output, which averaged 650,000 b/d in March, according to the latest S&P Global Platts OPEC survey, could plunge below 300,000 b/d if the Chevron waiver was allowed to expire.