US EditionUS to issue general license lifting some sanctions on Venezuelan oil industry: Report
The license aims to streamline approvals for energy firms, enabling a $2 billion oil deal and supporting Venezuela's oil output growth amid infrastructure challenges.
- On Tuesday, U.S. officials are preparing a general license to lift some sanctions on Venezuela's energy sector, replacing cumbersome company-by-company exemptions soon.
- The waiver backlog followed a flurry of applications from Chevron, Repsol, ENI and U.S. oil service providers in recent weeks, slowing approvals and delaying a $2 billion oil supply deal alongside a $100 billion reconstruction plan.
- This month, licenses to Vitol and Trafigura permitted up to 50 million barrels of supply and helped drain about 11.3 million barrels from storage despite millions stranded.
- Last week, Venezuela's National Assembly passed an initial vote on sweeping oil-law reform, with final approval expected next week; paired with U.S. sanctions relief, this could reopen the sector.
- In a best-case scenario, production could climb to 3 million barrels daily, with Enverus projecting 1.5 million barrels daily by 2035, up by 50%.
19 Articles
19 Articles
U.S. Poised to Ease Venezuela Oil Sanctions With Broad New License
The United States is preparing to issue a general license that would lift some sanctions on Venezuela’s oil industry, marking a significant shift in Washington’s approach toward the OPEC member. Sanctions imposed in 2019 targeted Venezuela’s entire energy sector after President Nicolás Maduro’s re-election, which the U.S. did not recognize. Since then, restrictions have fluctuated […] The post U.S. Poised to Ease Venezuela Oil Sanctions With Bro…
If confirmed, the measure will be a change from the original plan, which envisioned granting individual exemptions to companies interested in doing business in the country.
U.S. To lift Some Sanctions On Venezuela's Oil Industry As Trump Admin Oversees Sector: Report
The U.S. is set to lift some sanctions on Venezuela's oil industry as the Trump administration continues to take steps to control the country's sector following the capture of authoritarian President Nicolas Maduro, according to a new report.
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