Reuters: U.S. Working Toward Partial Lifting of Sanctions on Venezuelan Oil Sector

The US authorities are working to issue a general license to lift some sanctions against Venezuela's energy sector in the near future, Reuters reported, citing four sources familiar with the matter. 

Such a move would mark a shift from the previous plan of granting individual exemptions from sanctions to companies seeking to do business in Venezuela.

According to one source, the general license being prepared may include privileges for U.S. firms compared with other foreign participants.

In recent weeks, a number of companies that have been working with Venezuelan state-owned PDVSA, including Chevron, Repsol, ENI, and Reliance Industries, have applied for individual licenses to expand production or exports from Venezuela. Two sources noted that the large number of individual requests has slowed down export expansion and plans for rapid investment in the country.

PDVSA is seeking to restore production volumes, which declined after the US began blocking ships exporting oil from the country. The US licenses for Vitol and Trafigura traders to supply up to 50 million barrels of Venezuelan oil to the US and other countries have already allowed the country to deplete about 11.3 million barrels of reserves, but millions of barrels remain in onshore tanks and ships.

• The United States is going to to sell Venezuelan oil "indefinitely"and the funds will be used "for the benefit of the Venezuelan people."
• President Trump signed an executive order to freezing of funds from the sale of Venezuelan oilthe funds are held in the accounts of the U.S. Treasury Department.
• Minister of Finance Scott Bessent stated that the United States consider the possibility of partial withdrawal sanctions against Venezuela to facilitate oil exports and support the stabilization of the country's economy.