Venezuela: Economy

US

The United States eases sanctions and authorizes oil deals with Venezuela

The United States has taken several steps to allow oil transactions with Venezuela. The U.S. government has issued new licenses, waived sanctions, and authorized major oil companies to operate in the country. The U.S. Energy Secretary visited Venezuela to discuss increasing oil output. These actions have led to specific deals, including the first purchase of Venezuelan crude by a U.S. company since 2019 and the authorization for the resale of oil to Cuba. The U.S. is also negotiating with India on potential oil sales. U.S. officials say proceeds from oil sales are now routed through a U.S.-controlled fund instead of Qatar. Concurrently, Venezuela's government has suspended 19 oil and gas production contracts that were signed under Maduro. Trump has made public statements about the oil deals, claiming India will buy oil from Venezuela instead of Iran and that 50 million barrels are en route to Houston.

IN

Trump says India will buy oil from Venezuela instead of Iran

Trump has made statements about oil purchases involving India, Venezuela, and Iran. He said India will start buying oil from Venezuela rather than from Iran, and he also welcomed potential Chinese investment in Venezuela's oil sector. A Chinese foreign ministry spokesperson said they had noted the reports, while a Chinese expert called Trump's remarks 'unilateral' and noted there was no confirmation from India.