16:08 - 9.03.2022

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March 9, Fineko/abc.az. The U.S. will ease sanctions against Venezuela on condition of oil supplies to this country.

ABC.AZ reports that according to sources, officials have told their Venezuelan counterparts that any easing of U.S. sanctions will depend on whether Venezuela supplies oil directly to the U.S.

Chevron, the last U.S. oil producer still operating in Venezuela, could be the first beneficiary if a deal is reached.

Deliveries of Venezuelan oil from its Chevron joint ventures have been banned since 2020, and the company is trying to lift this ban.

The company has a special license that allows it to keep a low level of presence in the country only to ensure the maintenance and security of its facilities.

Reuters reports that since this license expires in June, Chevron has requested permission from the U.S. Treasury Department to trade Venezuelan oil cargoes.

According to one of the sources, if Washington decides to ease sanctions, Chevron will be able to partially restore production in Venezuela and resume exports to its and other refineries on the Gulf coast, replacing Russian barrels. Oil production in Venezuela averaged 636,000 bpd last year.