US issued new licenses to oil companies to operate in Venezuela

The US administration has issued special licenses to a number of international oil companies, allowing them to resume or expand operations for the extraction and export of raw materials from Venezuela. This decision is part of Washington’s strategy to stabilize global energy prices and gradually return Venezuelan oil to Western markets in exchange for political concessions from Caracas. This is reported by Bloomberg, writes UNN.

DetailsThe new permits, issued by the Office of Foreign Assets Control (OFAC), allow companies not only to extract oil, but also to invest in infrastructure that is in disrepair. A key condition of the licenses is that profits from oil sales should not directly go to the budget of Nicolas Maduro’s government, but should be used to repay debts to energy giants and for humanitarian needs.

The issuance of licenses signals the US’s readiness for flexibility in energy policy, especially against the backdrop of a shortage of heavy oil at American refineries.

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This step is expected to increase Venezuela’s daily production by 150,000-200,000 barrels over the next year, which is critical for diversifying supplies.

Impact on the global oil marketWashington’s decision has already caused a moderate decline in Brent crude oil futures, as the market expects an increase in supply. At the same time, experts warn that a rapid increase in exports will not occur due to critical equipment wear at Venezuelan fields. The further fate of sanctions will depend on the Maduro regime’s compliance with agreements on holding transparent elections and releasing political prisoners. 

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