US Eases Venezuela Oil Sanctions, Boosts Global Supplies
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U.S. Eases Venezuela Oil Sanctions to Boost Global Supplies Amid Iran-U.S. Tensions
The U.S. Treasury Department has lifted sanctions on Venezuelas state oil company, PDVSA, allowing U.S. firms to buy Venezuelan oil directly and sell it on global markets. This policy shift aims to increase worldwide oil supplies amid the ongoing conflict between the U.S., Israel, and Iran, which has led to Iran blocking the Strait of Hormuz and causing a sharp rise in oil prices.
Venezuela, with the worlds largest oil reserves, saw its output plummet from 3.5 million barrels a day in 1999 to under 400,000 by 2020 due to corruption, mismanagement, and past sanctions. A U.S. military operation ousted President Nicolás Maduro in January, and President Trump pledged to manage the country and sell its oil.
The new license targets relief for companies operating before January 29, 2025, with payments going to a U.S.-controlled account, not PDVSA directly. Bans remain on deals with Russia, Iran, North Korea, Cuba, and certain Chinese entities, as well as no Venezuelan debt, bonds, gold, or cryptocurrency.
The move aims to attract investment and revive Venezuelas oil economy as part of a broader turnaround plan. However, critics argue that it props up Maduro loyalists amid continued repression, corruption, and human rights abuses.
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