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Venezuela Faces U.S. Sanctions on Oil and Prepares to Endure.

Written by Paulo Nogueira

Published on 30/01/2024 at 16:20

Oil and Gas

25/3/2023 REUTERS/Leonardo Fernandez Viloria – Todos os direitos: CNN Brasil

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US Reimpose Sanctions on Caracas Over Elections of Main Candidates and Oil Exports, Impacting the Powerful Sector.

The Minister of Oil of Venezuela, Pedro Tellechea, stated on Tuesday that the country is ready to face any situation, including the return of American sanctions on its Venezuelan oil exports.

Last week, the United States began to reimpose sanctions on Caracas after the country’s supreme court confirmed the ban on the main opposition candidate for the upcoming presidential elections. The measure aims to block the opposition candidate’s participation, generating more political tensions in Venezuela.

US State Department Will Not Renew License That Allows Venezuelan Oil Exports

The US State Department announced that it does not intend to renew a broader license that allowed Venezuelan oil to flow freely to chosen destinations when it expires on April 18. This decision comes amid actions by Nicolás Maduro and his representatives in Venezuela, which include the imprisonment of members of the democratic opposition and the prohibition of candidates from competing in this year’s presidential election, contrary to agreements signed in Barbados, according to the State Department.

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Revocation of General License 44 Due to Lack of Progress Between Maduro and the Unitary Opposition Platform

In the absence of progress between Maduro and his representatives and the Unitary Opposition Platform, the United States will not renew the license when it expires on April 18. Venezuela faces this decision claiming to be prepared for any circumstance, with a powerful sector ready to face any situation, according to Minister Tellechea.

Recognition of the Agreement Signed in Barbados Allowed an Increase in Venezuelan Oil Exports

The US granted relief from sanctions to the OPEC member country in October, recognizing an agreement signed in Barbados with Maduro’s government that included the release of political prisoners, the presence of international observers, and conditions for a fair presidential election. Since October, Venezuela’s oil exports have slightly increased, with more shipments destined for the US and Europe, its preferred markets before the sanctions.

Comment on the Impact of Energy Sanctions on Venezuela

Tellechea stated that the US would also feel the impact of the reimposition of energy sanctions on Venezuela, adding that the country will not ‘knee down’ just because someone attempts to impose which countries it can do business with.

(Reporting by Deisy Buitriago)

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Source: CNN Brasil

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Venezuela Faces U.S. Sanctions on Oil and Prepares to Endure.

US Reimpose Sanctions on Caracas Over Elections of Main Candidates and Oil Exports, Impacting the Powerful Sector.

US State Department Will Not Renew License That Allows Venezuelan Oil Exports

Revocation of General License 44 Due to Lack of Progress Between Maduro and the Unitary Opposition Platform

Recognition of the Agreement Signed in Barbados Allowed an Increase in Venezuelan Oil Exports

Comment on the Impact of Energy Sanctions on Venezuela

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Venezuela Faces U.S. Sanctions on Oil and Prepares to Endure.

US Reimpose Sanctions on Caracas Over Elections of Main Candidates and Oil Exports, Impacting the Powerful Sector.

US State Department Will Not Renew License That Allows Venezuelan Oil Exports

Revocation of General License 44 Due to Lack of Progress Between Maduro and the Unitary Opposition Platform

Recognition of the Agreement Signed in Barbados Allowed an Increase in Venezuelan Oil Exports

Comment on the Impact of Energy Sanctions on Venezuela

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