US Steps Back Some Sanctions Against Venezuela

"Treasury, with guidance from the State Department, issued a limited license authorizing Chevron to negotiate the terms of possible future activities in Venezuela. It does not allow them to enter into any agreements with PDVSA or any other activities involving PDVSA (Petroleos de Venezuela) or the Venezuelan oil sector. So, fundamentally, what they are doing is just allowing them to talk," he added.

There has been a rapprochement between Washington and Caracas in recent months on the energy issue.

Venezuelan President Nicolás Maduro confirmed that he held a meeting in Caracas on March 5 with a delegation from Joe Biden's administration.

The White House said at that time that, for the time being, it is not considering buying oil from Venezuela. However, it indicated that energy security was discussed during the visit of its delegates, among other issues.

The Venezuelan oil industry, since 2017, has been the target of unilateral and illegal sanctions that prevent any transaction with companies using the U.S. banking system.

This is the first time since the rupture of relations in 2019 that both governments confirmed that they held conversations on the energy issue. This fact occurs amid the crisis between Russia and Ukraine, which has caused an abrupt rise in crude oil and its derivatives.

In response to the measures, Venezuelan Vice President Delcy Rodriguez took to Twitter and said: 

"The Bolivarian Government of Venezuela has verified and confirmed the news published to the effect that the United States of America has authorized U.S. and European oil companies to negotiate and restart operations in Venezuela.

The world knows that Venezuela has taken its first steps on the road to economic recovery through its own efforts, denouncing and overcoming the illegitimate sanctions and the inhumane blockade. Our people are proud of the work and achievements of recent times.

Venezuela hopes that these decisions of the United States of America will initiate the path towards the absolute lifting of the illegal sanctions that affect all our people.

The Bolivarian Government of Venezuela, attached to its profound democratic values, will continue to tirelessly promote fruitful dialogue in national and international format."