The United States has extended a general license through November 15, allowing certain transactions with Venezuelan state oil company PDVSA that are necessary for wind-down operations
, according to a notice from the U.S. Treasury Department. The extension covers key players in the industry, including Halliburton, Schlumberger, Baker Hughes Holdings, and Weatherford International PLC. This extension comes amid ongoing political tensions and economic challenges in Venezuela . Recent contract cancellations by entities like Polish refiner Orlen underscore the impact of geopolitical uncertainty on global energy markets, highlighting the complexities faced by industry stakeholders.
in managing its relationship with Venezuela's oil sector, seeking balance between diplomatic considerations and commercial interests by providing temporary relief for companies engaged in wind-down operations. Last month, crude oil prices were pressured by news that the U.S. would reimpose oil sanctions on Venezuela after a six-month pause, beginning on May 31. The upward pressure on oil prices, however, was tempered by a build in U.S. crude oil inventories.
Sanctions Crude Oil Geopolitics Biden Oil Prices Oilfield Services
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