US expands access to Venezuelan oil for global traders

The Donald Trump administration is preparing to authorize a wide range of trading companies and refineries to purchase Venezuelan crude oil. As a government official reported, the expected general license will ease existing sanctions but will contain a strict condition: all supply agreements must go exclusively through the US market. This is reported by UNN with reference to Reuters.

DetailsThis decision creates competition for Vitol Group and Trafigura Group, which previously dominated this segment. Now American refineries will be able to buy oil directly from the state-owned company Petróleos de Venezuela SA.

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This step is aimed at accelerating the unloading of Venezuelan ports and terminals, where raw materials accumulated for several weeks during the partial US blockade that preceded the arrest of Nicolás Maduro on January 3. The implementation of the plan will allow the resumption of operations of stopped oil wells and stabilize production in the region.

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