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Counterweight to Russian oil, US considers lifting sanctions for Venezuela

2022-03-26 17:59:31Biznes SHKRUAR NGA REDAKSIA VOX

Counterweight to Russian oil, US considers lifting sanctions for Venezuela

Venezuela is the country with the largest oil reserves in the world, but due to American sanctions, the sale of this product from it is limited to a handful of countries.

And to ease the fuel supply crisis after Russia's war in Ukraine, the US is thinking of easing sanctions on Venezuela.

U.S. officials have called for Venezuela to meet at least part of oil exports to the United States as part of any agreement to ease oil trading sanctions on the IOC member country.

U.S. diplomats have been working to find energy supplies worldwide that could help compensate for disruptions to Russian oil and gas exports caused by sanctions and war. U.S. officials met Venezuelan President Nicolas Maduro in Caracas for the first bilateral talks.

Venezuela has been under U.S. oil sanctions since 2019 and could change the crude oil supply chain if those restrictions are lifted.

American officials made it clear that their priority was to provide supplies to the United States. Officials told their Venezuelan counterparts that any easing of U.S. sanctions would be conditional on Venezuela sending oil directly to the United States.

Chevron Corp (CVX.N), the last U.S. oil producer still operating in Venezuela, could be the first beneficiary if an agreement is reached with the Maduro administration. Chevron has been banned from sending Venezuelan oil from its joint ventures since 2020.


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/ 2022-03-26 11:30:28Business

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