US Eases Venezuela Sanctions: Oil Companies Get License to Operate
World
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Moneycontrol•30-01-2026, 08:32
US Eases Venezuela Sanctions: Oil Companies Get License to Operate
- •The US Treasury Department issued a license allowing oil companies to export, sell, store, and refine Venezuelan crude, provided the work is performed by a US entity.
- •The license does not cover upstream crude production, where only Chevron Corp. currently operates under a special US license.
- •This move follows Venezuelan lawmakers' approval of hydrocarbons policy reform and aims to stimulate Venezuela’s economy after the US capture of former President Nicolás Maduro.
- •Restrictions include a prohibition on transactions with Chinese-tied entities and requirements for payments to PDVSA to go through US-controlled accounts.
- •The authorization allows for physical swaps of crude oil, diluents, or refined petroleum products, benefiting companies like Repsol SA and Eni SpA.
Why It Matters: The US has issued a license for oil companies to operate in Venezuela, easing sanctions to revitalize its oil sector.
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