The United States Treasury Department announced this Wednesday (18) a new easing of sanctions on Venezuela’s oil sector, allowing American companies to carry out transactions with the state-owned Petróleos de Venezuela SA (PDVSA).
The measure comes amid the war against Iran and is part of President Donald Trump’s government strategy to increase global energy supply and contain rising oil prices.
According to an official statement from the Treasury, the Office of Foreign Assets Control (OFAC) issued a broad license authorizing United States entities to trade with PDVSA and its subsidiaries. The government states that the decision seeks to stimulate investments in the Venezuelan energy sector and increase the availability of oil on the international market, which could benefit both the United States and Venezuela itself.
The easing occurs as Washington tries to reduce the internal and external impact of the spike in oil prices caused by the conflict in the Middle East. The war against Iran threatens the Strait of Hormuz, through which approximately 20% of the world’s traded oil passes, which has put pressure on the price of oil in practically all countries.
The new license allows American companies to buy, transport and sell oil of Venezuelan origin, but maintains some restrictions. According to Treasury documents cited by the US press, the operations remain subject to United States financial control and cannot involve countries or entities linked to Russia, Iran, North Korea, Cuba or some Chinese groups.
