U.S. Considers Easing Sanctions on Venezuelan Oil: A Potential Shift in Policy

The Trump administration is considering granting new authorizations to key partners of Venezuela's PDVSA, including Chevron, enabling them to operate under certain limitations in the sanctioned nation. This marks a potential shift from the current pressure strategy. If granted, the move could maintain operational continuity without profiting Maduro's government.

The Trump administration is reportedly preparing to grant new authorizations to key partners of Venezuela's state-run PDVSA, potentially easing sanctions starting with oil major Chevron. This development hints at a policy shift from Washington's strategy of pressuring Venezuela's energy sector, under sanctions since 2019, according to five informed sources.

If approved, these authorizations would allow energy companies to pay contractors and import essential supplies for operational continuity. Chevron and possibly some of PDVSA's European partners stand to benefit. However, the U.S. maintains that no revenues will reach Maduro's government from these operations, even as the terms appear beneficial to PDVSA.

The decision is part of a larger diplomatic exchange following a prisoner swap with Venezuela and ongoing discussions about oil sanctions. While the specific licenses remain confidential, the potential easing raises questions about the future involvement of foreign companies like Italy's Eni and Spain's Repsol in Venezuela's oil swaps.

(With inputs from agencies.)