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Venezuela confirms US' decision to ease oil sanctions

The country has the largest oil reserves of any country in the world, with more than 300 billion barrels of proven reserves

Venezuela confirms US' decision to ease oil sanctions

Caracas, May 19 - Neftegaz.RU. Venezuela has confirmed a decision by the US to ease oil sanctions, calling for a total lifting of the American sanctions on the South American country.
Xinhua quoted Vice President Delcy Rodriguez as saying in a tweet:
  • The Bolivarian Government of Venezuela has verified and confirmed the news ... that the US has authorized US and European oil companies to negotiate and restart operations in Venezuela
  • Venezuela hopes that these decisions by the US will pave the way to the total lifting of the illegal sanctions which affect our entire people
  • The Venezuelan government will continue to tirelessly promote a fruitful dialogue at the national and international level
In 2019, former US President Trump broke off relations with Venezuela, refusing to recognize Nicolas Maduro as the Venezuelan President and announced a series of sanctions on the country's oil, finance and trade sectors.

The limited changes will allow California-based Chevron to negotiate its license with PDVSA, but not to drill or export any petroleum of Venezuelan origin, 2 senior U.S. government officials told The Associated Press.
The officials spoke under the condition of anonymity because the formal announcement had not been made.

Chevron is the last major U.S. oil company to do business in Venezuela, where it 1st invested in the 1920s.
Its 4 joint ventures with PDVSA produced about 200,000 barrels a day in 2019.
Chevron's investments in Venezuela's oil fields and machinery over the last century had an estimated value of $2.6 billion as of 2020.

Source : Neftegaz.RU

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