The United States appears to be inclined to let international oil companies with existing operations in Venezuela continue pumping crude in the country holding the world's largest crude oil reserves.
The United States appears to be inclined to let international oil companies with existing operations in Venezuela continue pumping crude in the country holding the world’s largest crude oil reserves. Despite the recent return of the U.S. sanctions on Venezuela ’s crude production and exports, the White House seems unwilling to rattle the oil market and prices—and by extension, U.S. gasoline prices—too much ahead of the November U.S. presidential election. In October 2023, the U.S.
The General License 44, which authorized transactions related to oil or gas sector operations in Venezuela, expired at 1201 a.m. on April 18. However, the United States issued a 45-day wind-down license and Treasury’s Office of Foreign Assets Control OFAC also will consider requests for specific licenses to continue activities beyond the end of the wind-down period on a case-by-case basis, the State Department said.
Sanctions Crude Oil Geopolitics Biden Oil Prices
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