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Trump Administration Plans to Issue License Allowing More Drilling in Venezuela
The license aims to revive Venezuela’s energy sector by allowing US-linked companies to produce oil, with Chevron able to increase output by 50%, Treasury officials said.
- On Tuesday, the U.S. Treasury is preparing a broad general license to allow companies to pump crude in Venezuela, reports said.
- Last week, the Treasury Department issued a license allowing U.S. firms to buy, sell and refine Venezuelan crude after U.S. forces captured former President Nicolás Maduro, aiming to stabilize Venezuela's moribund energy industry.
- Under the emerging framework, payments by companies with U.S. ties would be routed into a U.S.-controlled account in Qatar, while individual approvals were granted to Trafigura Group and Vitol Group.
- Destination patterns are shifting toward U.S. refiners rather than Chinese buyers as Venezuelan heavy sour crude returns to global markets after congestion eased following a partial U.S. naval blockade.
- Years of underinvestment have left pipelines corroded and companies wary because of past asset seizures and political risk, while analysts say restoring output could require more than $180 billion and over a decade.
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Three sources familiar with the matter told Reuters that the United States could soon issue a license allowing international energy companies to resume oil production in Venezuela.
·Estonia
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Trump administration plans to issue license allowing more drilling in Venezuela
The Trump administration is preparing to issue a license to formally allow more companies to drill for oil in Venezuela. A source familiar with the plan told The Hill that a general license could come as soon as this week. The plan was first reported by Bloomberg. White House spokesperson Taylor Rogers, in a written statement,…
·Washington, United States
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Coverage Details
Total News Sources15
Leaning Left1Leaning Right3Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 30%
Factuality
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