UPDATE 1-White House discussing renewing license for Chevron to operate in Venezuela

The Trump Administration is discussing whether to renew a license allowing Chevron Corp to continue operating in Venezuela despite U.S. sanctions on the country's oil sector, White House economic adviser Larry Kudlow said on Tuesday.

The waiver issued by the U.S. Treasury's Office of Foreign Assets Control will expire on July 27. "It is under discussion," Kudlow said. "I don't know about the license. That will be determined in the future. It's under discussion right now," he said.

Kudlow heaped praise on Chevron, calling it a "fabulous" energy company with an "illustrious tradition" in Venezuela.