The US administration is considering canceling individual exemptions for doing business in the Venezuelan oil sector and introducing a general license. A fundamental change in Washington’s energy policy and a strengthening of oil supplies from Venezuela are expected.
The administration of the United States of America is considering a significant easing of sanctions against the Venezuelan oil industry. According to information from the Reuters agency, which TASR refers to, a general license could be issued, which would replace the current system of individual exemptions for companies doing business in Venezuela. The move would mark a fundamental change in Washington’s approach to Venezuela’s energy sector.
- The US is considering a significant easing of sanctions against Venezuela.
- It is planned to introduce a general license for oil companies.
- The goal is to increase the production and export of Venezuelan oil.
- Easing sanctions can stabilize Venezuela’s economy.
- The move is sparking political debates about the impact on democracy.
Until now, companies, including the American Chevron, had to apply for individual permits to cooperate with the Venezuelan state oil company Petróleos de Venezuela (PDVSA). These requests have multiplied in recent weeks, with the goal being to increase production and export of oil from the country, which has some of the largest reserves of the raw material in the world.
Change in US strategy
According to sources close to the negotiations, the United States decided to take this step after the capture of Venezuelan President Nicolás Maduro in January. Washington reportedly plans to ease sanctions to support the conclusion of an oil supply agreement between the two countries worth two billion dollars. Part of this initiative is also an ambitious plan to restore the Venezuelan oil industry, the value of which is estimated at 100 billion dollars.
The easing of sanctions could open the way to stabilizing the Venezuelan economy, which has been in a deep crisis for a long time. At the same time, it could help the United States secure a stable supply of oil at a time when global markets face uncertainty due to geopolitical conflicts and the energy crisis.
Renewal of the oil sector
Venezuela’s oil industry, once one of the most important in the world, has found itself on the brink of collapse in recent years. Long-term sanctions, corruption and lack of investment caused a dramatic drop in production. The recovery plan, which could be financed from international sources, aims to modernize the infrastructure and increase the efficiency of mining.
Although the easing of sanctions may bring positive economic effects, the move is also likely to spark political debates. Critics warn that easing the pressure on the Venezuelan regime could weaken efforts for democratic reforms in the country. On the other hand, supporters of the move argue that economic stabilization is key to any future political change.
