The US may ease sanctions against Venezuela to boost oil production – Bloomberg
Bloomberg reports this, citing sources familiar with the plan to ease sanctions
These measures, which could be announced as early as this week, include the issuance of a greater number of individual licences that will allow foreign companies to operate in Venezuela without breaching US sanctions, the agency’s sources said.
According to the sources, the US authorities will also introduce a broader mechanism to facilitate entry into Venezuela for a wider range of companies. It is not yet clear whether this measure will take the form of a general licence.
Among the companies ready to obtain permission from the US Treasury Department to operate in Venezuela are a subsidiary of the Indian state-owned company ONGC Videsh Ltd, Stockholm-based Maha Capital AB and J&F Investimentos, and a division of the Brazilian meat processing giant JBS Foods Group.
The Trump administration has issued only a few licences under its plan, under which private companies are to spend approximately $100 billion over the next decade to revive the country’s ailing oil sector. These include Chevron Corp., BP Plc, Shell Plc, Repsol SA, Eni SpA and Maurel et Prom SA.
The escalation in the Middle East is forcing Washington to step up its efforts regarding Venezuela, which possesses some of the world’s largest oil reserves. Following attacks by the US and Israel, global oil futures have surged by over 40%, triggering a rise in petrol prices to their highest levels since 2023.
