Chevron CEO expects gradual relaxation of U.S. sanctions on Venezuela

(Reuters) - The U.S. authorization for Chevron Corp to expand Venezuela's oil production is unlikely to lead the U.S. oil company to add investment to its operations in the South American country in the next six months, Chief Executive Michael Wirth said.

The U.S. could gradually relax sanctions on Venezuela and provide greater latitude for Chevron to operate in Venezuela over time, he said in comments to the Economic Club of New York on Thursday.

(Reporting by Gary McWilliams)