US to lift sanctions on Venezuelan oil

The U.S. intends to terminate certain sanctions imposed on Venezuela's oil industry, Reuters reports, citing statements from official sources.

According to the statement, the initiative aims to ease economic sanctions that have restricted oil production and exports from the country since 2017. The decision implies restoring some legal mechanisms related to licensing and technology transfer, but will not eliminate all restrictions.

Any move toward lifting sanctions will be accompanied by consultations with international partners and possible amendments to official documents. Official announcements regarding the full lifting of sanctions are expected in the coming weeks.

Context

The U.S. imposed sanctions on Venezuela's oil industry in 2017 but suspended several of them in 2023.