Venezuela can sells oil again as the United States has given Nicolás Maduro permission to trade.
In retaliation for the 2018 presidential election, the United States put sanctions on Venezuelan oil in 2019.
Venezuelan President Nicolás Maduro said that the US government has granted permission to Venezuela to export oil and natural gas.
Maduro said that the United States took some tiny but significant measures by providing licenses to foreign energy and gas companies to begin the processes that will lead them to produce oil and gas in Venezuela destined for sale abroad.
“Venezuela has the world’s first internationally verified oil resource “, declared the Venezuelan President in a television appearance.
Taking on investments
Maduro also emphasized that Venezuela had significant hydrocarbon reserves.
“We have all the legal structure to raise and accept investments, as we have the oil that the world needs to function,” he remarked.
Chevron, the only major US oil corporation still functioning in the South American country, was granted permission by the Treasury Department two weeks ago to hold negotiations about restarting production, which had been halted due to US sanctions.
According to top US officials quoted by ‘The Washington Post,’ this license might indicate an easing of oil sanctions, depending on the Venezuelan government’s cooperation.
In retaliation for the 2018 presidential election, the United States put sanctions on Venezuelan oil in 2019.
Venezuela now produces around 800,000 barrels of crude per day, significantly less than the three million that used to produce for years.
These sanctions may be lifted as a result of the war in Ukraine and the embargo imposed on Russia.
