U.S. Considers Major Sanctions Shift: Easing Venezuelan Energy Restrictions

The United States is preparing to issue a general license easing some sanctions on Venezuela's energy sector, following the capture of President Nicolas Maduro. This move could facilitate a $2 billion oil deal and a $100 billion reconstruction plan for Venezuela's oil industry.

In a significant policy change, U.S. officials are on the verge of issuing a general license that would relax certain sanctions imposed on Venezuela's energy sector, according to three well-informed sources. This alteration departs from previous intentions to provide individual exemptions for businesses engaging with Venezuela.

The move follows the recent capture of Venezuelan President Nicolas Maduro by U.S. forces, prompting a strategic shift in Washington's approach to Caracas. Officials are now exploring ways to enable a $2 billion oil supply agreement with Venezuela, alongside a broader $100 billion initiative aimed at reconstructing the nation's oil industry.

Amidst these developments, U.S.-based oil giant Chevron and other stakeholders in Venezuela's state-run oil company PDVSA have applied for specific licenses in recent weeks. However, the sheer volume of requests has slowed down the progress, potentially affecting plans to ramp up oil exports and attract investment. The U.S. Treasury Department and the White House have not yet commented on these ongoing negotiations.

(With inputs from agencies.)