CERAWEEK-US does not plan to ease sanctions against Venezuela more widely, official says | – #CERAWEEKUS #plan #ease #sanctions #Venezuela #widely #official

HOUSTON, March 7 (Reuters) – A State Department official said that USA The government does not plan a systematic easing of sanctions against Venezuela after its government initially allowed partners of the state oil company PDVSA to continue buying oil for past debts.

In November, Washington asked Chevron Corp ( CVX.N ) to expand its operations and Venezuelan oil USAgranted a six-month license to export to So are Eni ( ENI.MI ) and Repsol ( REP.MC ). USAWith the consent of, they started buying Venezuelan crude oil for debt. This year, Trinidad and Tobago is natural at sea with Venezuela from the United States gas agreed to joint development of the bed.

These actions of the US President Joe Biden’s administration have passed the president Donald Trump’s “maximum pressure” policy to oust Venezuelan President Nicolas Maduro is at odds with his policy of containment.

But the State Department licenses do not signal a general turnaround in policy toward Venezuela, Undersecretary for Economic Development, Energy and Environment Jose Fernandez told Reuters in an interview at the CERAWeek energy conference in Houston.

Latest Updates Resilient Markets Category CERAWEEK – U.S. Permit Reforms Needed to Achieve Inflation Reduction Act Goals -Conoco CEO, imageGrid and an article with Infrastructure category CERAWEEK-Europe gas supply will remain tight for another 2 winters, Equinor CEO says, picture article

See 2 more stories

“There have been limited changes in specific sanctions and we can withdraw them at any time,” Fernandes said. Chevron license Maduro administration with opposition in Mexico last year political after resuming negotiations, and Trinidad’s permission was granted after it was requested by Caribbean countries to secure future energy supplies.

“I can definitely say that we have no plans to further liberalize Venezuela,” said Fernandez.

Chevron received and shipped about 86,000 barrels per day (bpd) of Venezuelan crude last month after resuming exports to the United States after a four-year hiatus.

Chevron, Eni and Repsol shipments did not add to Venezuela’s total oil exports. After many years of conflicts with international oil companies, the flight of qualified personnel from the country and US sanctions, the country will require huge new investment.

According to information provided to OPEC, last year Venezuela’s export increased slightly compared to the previous year and was 716 thousand barrels per day. They remain a fraction of the 2.8 million barrels the country produced a decade ago.

Analysts and oil executives at CERAWeek said they expect a significant increase in Venezuela’s oil exports, which could stabilize oil markets that have been disrupted since Russia’s aggression in Ukraine.

Exxon Mobil Country Manager for Guyana, Alistair Routledge, said, “15 years ago in Venezuela there were quite a few international investors. Production was over 3 million barrels per day… Now look at Venezuela,” he said.

“It is important for governments to understand that we 20“We are investing for 30-year horizons, so we need stability and regulations that support us,” he said.

Reporting by Marianna Parraga; Edited by David Gregorio

Our standards: Thomson Reuters Trust Principles.

Marianna Parraga

Thomson Reuters

Latin American oil and gas covering the industry 20 with years of experience focusing on energy-related sanctions, corruption and money laundering. in Venezuela born and based in Houston, she is the author of Oro Rojo, about Venezuela’s troubled state company PDVSA and a mother of three boys.

2023-03-08 01:05:36
Source – reuters

Translation“24 HOURS”