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The U.S. Department of the Treasury authorized American companies on Wednesday to do business with the Venezuelan state oil company Petróleos de Venezuela S.A., in a significant shift in its energy policy aimed at increasing the global supply of crude amid the war with Iran.
According to a report from AP, the measure allows, with certain limitations, U.S. companies to purchase and trade Venezuelan oil both on the domestic and international markets, breaking with years of restrictions that had isolated the energy sector of the South American country.
This movement responds to increasing pressure on President Donald Trump's administration, which is facing a sustained rise in oil prices amid an open conflict with Iran, the escalation of which has directly impacted global energy flow.
A strategic pivot amidst the energy crisis
The decision comes at a particularly delicate moment. The conflict with Iran has caused disruptions in the Strait of Hormuz, a crucial route through which nearly one-fifth of the world's oil passes.
The impact has been immediate: crude oil prices have skyrocketed, raising fears of shortages and forcing Washington to seek alternative sources to stabilize the market.
In this scenario, Venezuela - with the largest proven oil reserves in the world - reemerges as a key player. The new Treasury license is specifically designed to reactivate its production and facilitate its integration into global markets.
However, the relief from sanctions is not complete. The United States will maintain control over income generated from Venezuelan oil, as payments cannot go directly to sanctioned entities like PDVSA, but rather to accounts supervised by Washington.
In addition, transactions involving actors such as Russia, Iran, North Korea, Cuba, or certain Chinese entities are prohibited, as well as operations with Venezuelan debt or payments in cryptocurrencies.
Complementary measures to contain prices
In parallel, the White House announced the temporary suspension of certain requirements of the Jones Act, a regulation that governs maritime transport between U.S. ports and has historically increased energy costs.
With this easing of regulations, the government aims to facilitate the flow of resources such as oil, gas, and coal within the country, as part of a package of emergency measures to mitigate the impact of the crisis.
U.S. officials have noted that the goal is clear: to increase the global supply of crude oil and reduce pressure on prices, in a context where the war with Iran shows no signs of immediate resolution.
A gradual process of flexibilization
The authorization announced this Wednesday adds to a series of recent decisions that point in the same direction.
Days earlier, the Department of the Treasury had already issued a license allowing U.S. companies to engage in the exploitation, transportation and marketing of Venezuelan oil, always under strict conditions and with U.S. legal oversight.
This process has been accompanied by a political rapprochement between Washington and Caracas, including the recognition of new Venezuelan authorities and the restoration of diplomatic relations after years of estrangement.
The strategy reflects a pragmatic shift: to prioritize the stability of the global energy market even if it means easing previously imposed sanctions for political reasons.
The backdrop: the collapse of the Venezuelan industry
For decades, Venezuela was an energy powerhouse. By the end of the 20th century, it was producing around 3.5 million barrels per day. However, years of mismanagement, corruption, and lack of investment led to a sustained collapse of the industry.
This was compounded by U.S. sanctions, which since 2019 have isolated PDVSA from international markets, forcing the country to sell oil at significant discounts to buyers in Asia and to resort to alternative mechanisms such as bartering or payments in unconventional currencies.
By 2020, production had fallen below 400,000 barrels per day, severely affecting an economy that relies almost entirely on oil.
Now, with the easing of sanctions, a pathway for a partial recovery of the sector has opened, although under strict conditions and with heavy external oversight.
A global movement with multiple implications
Washington's decision is not limited to Venezuela. It is part of a broader strategy to address the energy crisis stemming from the conflict with Iran.
Recently, the United States also temporarily eased restrictions on Russian oil, allowing the trading of crude oil that is already in transit to avoid further shortages.
These measures have sparked criticism in some international sectors, which argue that they could indirectly benefit questioned regimes. However, the White House insists that these are necessary decisions to prevent a collapse of the energy market.
A balance between politics and necessity
Ultimately, the authorization to operate with PDVSA reflects a delicate balance between geopolitical objectives and economic urgencies.
As the war with Iran continues to disrupt global supply, the United States is resorting to easing sanctions that have long been cornerstones of its foreign policy.
The result is a temporary realignment of the global energy map, where previously marginalized actors are re-emerging as central players, driven by a crisis that forces quick and often contradictory decisions.
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