Venezuela signed new oil supply contracts with the United States on Tuesday, March 3, aiming to ensure the stability of the international energy market and strengthen the commercial relationship between the two nations.

“PDVSA has signed supply contracts with companies trading oil and derivatives for the United States market, thus maintaining its historic commercial relationship to guarantee supply,” highlighted the Venezuelan oil and gas company, Petróleos de Venezuela S.A. (PDVSA, in Spanish), in a statement.

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In its statement, the entity underscored the imperative for a hydrocarbons sector operating without sanctions, contending that such freedom is vital for increasing domestic output and enhancing international commerce.

On February 27, Venezuela’s Acting President Delcy Rodriguez announced that Caracas and Washington were establishing a new bilateral cooperation agenda.

Since assuming the Presidency, Rodriguez has received various high-ranking U.S. officials, including Secretary of Energy Chris Wright, with whom she finalized a long-term bilateral energy agreement a few weeks ago.

Likewise, the Venezuelan government has constantly denounced that billions of dollars, as well as gold and other assets belonging to the nation, remain blocked abroad due to international sanctions, including those from the United States.

According to Rodriguez, the unfreezing of Venezuelan assets in the U.S. was secured following discussions with the Trump Administration.

Amid these diplomatic efforts, the United States Department of the Treasury has issued licenses that reduce restrictions for foreign oil companies to operate in Venezuela. These authorizations also grant permits to five specific companies, including the Spanish company Repsol, although under strict control and reporting conditions.

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