The Trump administration had canceled Chevron’s license soon after taking office, charging the Maduro government was slow to take back deported Venezuelans.

WASHINGTON—Chevron is regaining the ability to pump oil in Venezuela from the Trump administration, people familiar with the move said, in an abrupt reversal in the White House’s policy toward the socialist dictatorship.

In a marked shift in U.S. policy toward Venezuela, the Trump administration has quietly approved a new license allowing oil giant Chevron to restart its operations in the South American nation, according to sources with direct knowledge of the negotiations.