The US Treasury Department has issued a new general license that officially permits the sale and export of American diluents to Venezuela. This move is strategically important for the OPEC country's oil sector, as these fuel components are necessary to dilute Venezuela's extra-heavy crude oil and prepare it for export to global markets. Reuters reports this, writes UNN.
Details
The new document marks the second stage of licensing by Washington after the US seizure of President Nicolas Maduro. The White House administration emphasizes that such permission is part of a broader policy aimed at revitalizing Venezuela's oil industry.
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The license directly allows American financial institutions to process payments from the Venezuelan government for authorized transactions, which was previously blocked due to the sanctions regime.
Expanding operational capabilities
The issuance of the permit for diluent supplies came after the US Treasury Department granted a broad license to American companies last week. It allows for a full range of operations: loading, transportation, storage, processing, and direct sale of Venezuelan crude. Thus, the US is creating conditions for stabilizing production in the country, which could affect global energy prices.
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This authorization supports the administration's policy of restoring Venezuela's oil sector
It is currently expected that the resumption of diluent supplies will allow the Venezuelan state company PDVSA to increase the production of export-grade crude oil in the coming months.