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The U.S. Department of the Treasury issued a license this Friday allowing U.S. companies to exploit, transport, and trade Venezuelan oil, a sector that had previously been subject to Washington's sanctions.
The authorization marks a new step in the rapprochement between the administration of President Donald Trump and the government of Venezuela's interim president, Delcy Rodríguez, which reestablished diplomatic relations last week after several years of severance, reported the agency EFE.
According to the Treasury, led by Scott Bessent, the license allows for operations related to the exploitation, sale, transportation, and storage of Venezuelan oil and its derivatives, provided that the crude is imported into the United States by companies from that country.
The measure also authorizes transactions involving the Venezuelan government and the state oil company PDVSA, although it sets several conditions.
Among them, that the contracts are governed by U.S. law and that any legal disputes are resolved in U.S. courts.
In an additional license, the Treasury Department clarified that operations involving Russia, Iran, North Korea, Cuba, or certain actors from China will not be permitted, nor will transactions with individuals sanctioned by Washington.
The decision comes after the Trump Administration has gradually relaxed restrictions on the Venezuelan energy sector through licenses that allow foreign companies to participate in oil and energy projects under certain conditions.
The relaxation of sanctions also occurs in a context of tension in international energy markets, exacerbated by the war with Iran and transit issues in the Strait of Hormuz, through which about 20% of the world's oil passes.
In response to the rising prices of crude oil and fuels, Washington has implemented several measures to increase global supply, including releasing part of its strategic reserves and temporarily easing some energy restrictions.
The new license paves the way for increased participation of American companies in the Venezuelan oil industry, which has one of the largest crude reserves in the world but whose production has declined for years due to sanctions, lack of investment, and operational issues.
As part of the new phase of relations with Venezuela, Trump notified the United States Justice Department this Wednesday of the official recognition of Delcy Rodríguez as an authority of that country.
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