U.S. Eases Oil And Gas Sanctions Against Venezuela After Maduro Strikes Election Deal
The post U.S. Eases Oil And Gas Sanctions Against Venezuela After Maduro Strikes Election Deal appeared on BitcoinEthereumNews.com. Topline The Biden Administration announced it would ease sanctions against Venezuela’s oil and gas sector, a move that could shore up global supply after the country’s leader, Nicolas Maduro, reached a deal with opposition political leaders for the country’s presidential elections in 2024 that the U.S. described as a step towards “democratic order.” Venezuelan President Nicolas Maduro speaks during a meeting with Saint Lucia’s Prime Minister Philip … [+] Joseph Pierre at the Miraflores presidential palace in Caracas, Venezuela. Copyright 2023 The Associated Press. All rights reserved Key Facts The Treasury Department said it issued a six-month license enabling transactions involving Venezuela’s oil and gas sector—including exports and investments. The license will be renewed after six months if Venezuela’s government meets its commitments, including the unrestricted participation of opposition leaders in next year’s elections and the release of “wrongfully detained” Americans and political prisoners. In addition to oil and gas, the deal also lifts a ban on trade involving the state-owned gold mining company Minerven, along with the secondary trading of some Venezuelan sovereign bonds. In a State Department press briefing, an unnamed administration official said other sanctions and restrictions imposed on Venezuela will remain in place and Washington retains the authority to revoke these concessions if Maduro fails to follow through on his commitments to restoring democracy. The global benchmark Brent crude oil futures was slightly down around 0.5% $91 per barrel on Thursday but still higher than the around $83 per barrel before outbreak of the war between Israel and Hamas. Big Number 200,000. That is the additional number of barrels of crude oil that Venezuela will be able to produce per day following the easing of the U.S. sanctions, according to analysts cited by Bloomberg. Key Background On Tuesday, the Maduro regime and the U.S.-backed opposition signed…
The post U.S. Eases Oil And Gas Sanctions Against Venezuela After Maduro Strikes Election Deal appeared on BitcoinEthereumNews.com.
Topline The Biden Administration announced it would ease sanctions against Venezuela’s oil and gas sector, a move that could shore up global supply after the country’s leader, Nicolas Maduro, reached a deal with opposition political leaders for the country’s presidential elections in 2024 that the U.S. described as a step towards “democratic order.” Venezuelan President Nicolas Maduro speaks during a meeting with Saint Lucia’s Prime Minister Philip … [+] Joseph Pierre at the Miraflores presidential palace in Caracas, Venezuela. Copyright 2023 The Associated Press. All rights reserved Key Facts The Treasury Department said it issued a six-month license enabling transactions involving Venezuela’s oil and gas sector—including exports and investments. The license will be renewed after six months if Venezuela’s government meets its commitments, including the unrestricted participation of opposition leaders in next year’s elections and the release of “wrongfully detained” Americans and political prisoners. In addition to oil and gas, the deal also lifts a ban on trade involving the state-owned gold mining company Minerven, along with the secondary trading of some Venezuelan sovereign bonds. In a State Department press briefing, an unnamed administration official said other sanctions and restrictions imposed on Venezuela will remain in place and Washington retains the authority to revoke these concessions if Maduro fails to follow through on his commitments to restoring democracy. The global benchmark Brent crude oil futures was slightly down around 0.5% $91 per barrel on Thursday but still higher than the around $83 per barrel before outbreak of the war between Israel and Hamas. Big Number 200,000. That is the additional number of barrels of crude oil that Venezuela will be able to produce per day following the easing of the U.S. sanctions, according to analysts cited by Bloomberg. Key Background On Tuesday, the Maduro regime and the U.S.-backed opposition signed…
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