US oil giant Chevron is hopeful that the Trump administration will extend a waiver allowing the company to continue doing business in Venezuela despite tough US sanctions on the South American country.

“We are a positive presence in Venezuela, and we are hopeful that General License 8C is renewed so that we can continue certain operations in the country for the long-term,” Chevron spokesman Ray Fohr said in a statement, as cited by Reuters.

General License No 8C is a document that authorizes transactions in Venezuela involving its state oil company PDVSA and its entities, according to the US Department of Treasury. Apart from Chevron, four other multinational corporations enjoy the right to continue certain operations in the country, including oil industry firms Halliburton, Schlumberger, Baker Hughes and Weatherford International.

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As the document expires on Friday, Chevron, which has been operating in Venezuela for nearly a century, needs an extension to the waiver. The Trump administration is already considering the move, Bloomberg reported on Friday, citing sources. The report said that it is unclear if other companies will be granted a similar 90-day sanctions reprieve, as the Treasury wants to adhere to its “maximum pressure strategy” to further limit Venezuela’s oil production.

US economic warfare against the Bolivarian republic has seen multiple rounds of sanctions, including punitive ones targeting the country’s vital energy sector. Venezuela’s crude production has already neared a historic low of around 600,000 barrels per day, according to S&P Global Platts.

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Analysts have recently predicted that a US refusal to extend the waivers for Chevron and other companies mentioned in the General License could further halve the country’s oil output.

“I think you'd see it go certainly to under 300,000 b/d within a month," said Neil Bhatiya, an associate fellow with the Center for a New American Security, as cited by S&P Global Platts. “The question after that is whether and how fast there is backfilling by Chinese, or, more likely, Russian state firms. It will take a while though, so a Chevron-less Venezuela will probably be in the [sub-300,000 b/d] zone for the remainder of the calendar year.”

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