The US government has said it will not renew Venezuela’s oil license, which expires today, Reuters reported. The permission largely eased the South American country’s oil market, the agency noted.
Thus, the administration of President Joe Biden has decided to re-impose punitive measures in response to President Nicolas Maduro’s failure to fulfill campaign commitments. He is seeking a third term in elections on July 28 this year.
In October, the US Treasury Department authorized for six months the production and export of Venezuelan crude oil, gas and fuel, the supply of goods and services, new investments and payments to Petroleos de Venezuela, with some restrictions for business partners.
Just hours before the deadline, the US Treasury Department announced it had issued a replacement license, giving companies in the country’s oil and gas sector 45 days to “wind down their operations”.
In recent months, Washington has repeatedly threatened to reimpose energy sanctions if Maduro does not follow through on promises that have partially eased US punitive measures. The US-backed election agreement between the government and the Venezuelan opposition also played a role.
Wide-ranging sanctions on Venezuela’s oil industry were first imposed by President Donald Trump’s administration in 2019 following Maduro’s election victory, which the US and other Western governments did not recognize.
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#restores #oil #restrictions #Venezuela