The US has relaxed sanctions on Venezuela’s state-owned oil group Petróleos de Venezuela, as the Trump administration seeks to open up the South American country’s oil sector and alleviate the global energy crunch caused by the Iran war.
A general licence issued on Wednesday by the US Treasury’s Office of Foreign Assets Control (Ofac) allows the company to sell oil directly to US companies and on the global market, although payments must be sent to US-controlled accounts set up to manage Venezuelan oil sales.
“This licence will benefit both the United States and Venezuela, while supporting the global energy market by increasing the supply of available oil,” a US Treasury spokesperson said. “It will also help incentivise new investment in Venezuela’s energy sector.”