Nicolas Maduro Chevron Corp. and top American oil-service companies won an extension to keep a limited presence in Venezuela despite U.S. sanctions intended to starve President Nicolas Maduro’s regime of petrodollars. In the first renewal granted under President Joe Biden’s administration, the U.S. Treasury Department extended until Dec. 1 its authorization for Chevron, Halliburton Co. , Schlumberger Ltd. , Baker Hughes Co. and Weatherford International Plc to conduct business that’s essential to preserve their assets, protect employees and reimburse contractors. The previous deadline was June 3. Since last year, the companies have been barred from any activity related to producing oil. Venezuela, home to the world’s largest crude reserves, has seen its once-massive oil industry collapse under the sanctions imposed on Maduro’s regime. Though crude prices have surged as the global economy begins to recover from the Covid-19 pandemic, oil production from the South American country has barely risen. […]