The Trump administration issued a general licence expanding the ability of oil companies to operate in Venezuela, marking a significant step to ease sanctions under the new US-backed leadership in Caracas, NDTV reported.
The licence issued by the US Treasury Department Thursday covers a variety of activities that could expedite the movement of Venezuelan crude, including exporting, selling, storing, and refining that oil. as long as they are performed by a US entity. According to an administration official, it does not, however, cover upstream crude production inside the country, where currently just one US oil company—Chevron Corp.—operates under a special US licence.
The authorisation comes after Venezuelan lawmakers approved a historic reform of the country's hydrocarbons policy, which some US oil executives had described as essential to launch operations there. President Donald Trump has said he expects US energy companies to pour billions into reviving the country's oil sector, where infrastructure has decayed amid years of underinvestment and corruption.
The move reflects the White House's desire to quickly get Venezuela's economy moving after the US capture of former President Nicolas Maduro, a person familiar with the matter said.
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