US EditionTrump removes some Venezuelan oil sanctions
The U.S. issued a broad license allowing U.S. companies to engage in various oil transactions with Venezuela, aiming to attract $100 billion in investment and revive production.
- On Thursday, within an hour of MPs' approval, the U.S. Treasury's Office of Foreign Assets Control issued a general licence easing U.S. restrictions to expand firms' participation in Venezuelan oil trade.
- After parliamentary approval on Thursday, the Venezuelan National Assembly approved a reform to its oil law to permit private and joint-venture operations.
- The licence authorises transactions ordinarily incident and necessary to lifting, refining, and transporting Venezuelan oil by established U.S. entities, while excluding firms tied to China, Russia, Iran, North Korea, and Cuba.
- Initial deals include a $2 billion export pact and an agreed sale of 50 million barrels, with $300 million reinvested into the bolivar, boosting immediate commercial activity.
- President Donald Trump seeks a $100 billion ambition to restore Venezuela's production to historic peaks, with output recovering to 1.2 million barrels per day in 2025 but needing additional U.S. authorisations.
13 Articles
13 Articles
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US lifts some sanctions on Venezuelan oil
The U.S. is lifting some sanctions on Venezuelan oil, seeking to allow American firms to trade and sell more oil that is produced there. The move comes as the administration has said it will sell Venezuelan oil following its capture of leader Nicolás Maduro. Previously, two commodities traders, Trafigura and Vitol, were given permission to help facilitate the…
US Eases Some Venezuela Oil Sanctions
The U.S. Treasury Department on Jan. 29 issued a general license easing some sanctions on Venezuela’s oil industry, authorizing established American companies to engage in the sale, transport, and refining of the country’s crude shortly after Venezuelan lawmakers approved changes to the nation’s main oil law. General License No. 46 from the U.S. Office of Foreign Assets Control (OFAC) permits transactions ordinarily prohibited under Venezuela sa…
The US has eased sanctions against Venezuela's oil industry.
The new regulations take into account sanctions against Iran, Cuba, the DPRK and the Russian Federation.
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