The company would be able to maintain key infrastructure but be barred from importing oil from the South American country.

The Trump administration has issued a narrow authorization for U.S. oil producer Chevron to keep assets in Venezuela, including its stakes in oil joint ventures with state company PDVSA, two sources with knowledge of the decision said on Tuesday.

The Trump administration issued a stripped-down license to Chevron Corp. to remain in Venezuela, allowing the company to conduct minimal maintenance on equipment but prohibiting it from producing oil in the sanctioned South American nation.

Venezuela's ruling party is celebrating what it has described as "an overwhelming victory" in regional and parliamentary elections, which were boycotted by the majority of opposition parties. The electoral council (CNE),

Venezuela's ruling party lead by President Nicolas Maduro swept to victory in regional and parliamentary elections.

Divisions in Venezuela's opposition were laid bare Monday as it counted the cost of a ballot boycott that allowed authoritarian President Nicolas Maduro's party to sweep regional and parliamentary elections.