Rolling back Trump-era sanctions, U.S. officials issued general licenses for Venezuela's oil, gas and mining sectors in response to a deal between Venezuelan President Nicolas Maduro and the county's opposition on the 2024 presidential election.
SLOW RECOVERYThe sanctions relief authorizes the production, sale and export of Venezuela's crude and gas, while keeping a ban on business with Russia.
Since the U.S. imposed secondary oil sanctions on Venezuela in 2020, PDVSA had been unable to fulfill its supply contracts to clients in regions from Europe to Asia.
An individual authorization to Chevron Corp (CVX.N) allowed the return of Venezuela's crude to the United States this year.
Area chart shows data from U.S. EIA showing Venezuela crude oil production.
Persons:
Leonardo Fernandez Viloria, Francisco Monaldi, Rice University's, Nicolas Maduro, Joe Biden, Monaldi, PDVSA, Baker Hughes, Maduro, Marianna Parraga, Julia Symmes Cobb, David Gregorio, William Mallard
Organizations:
REUTERS, Rights, South, Rice University's Baker Institute ., Trump, Venezuelan, OPEC, U.S, Chevron Corp, U.S Chevron, Eni, EIA, Thomson
Locations:
Jusepin, Venezuela, South American, U.S, American, Russia, Iran, Europe, Asia, United States, Trinidad and Tobago, China, Caribbean