US Eases Sanctions on Venezuela’s Energy Sector

The United States has eased sanctions on Venezuela's energy sector, allowing Maurel & Prom to join firms like Chevron, Shell, and Repsol in expanding operations there. The Treasury Department issued a general license to this effect, benefiting the state oil company PDVSA and its partners.

The United States took a significant step on Wednesday by further easing sanctions on Venezuela's energy sector. This move clears the way for Maurel & Prom to join a list of companies authorized to widen their oil and gas activities in the OPEC member nation.

The Treasury Department announced this development by issuing a general license that includes Maurel & Prom. This aligns with the authorization previously granted to Chevron, Shell, Repsol, and other partners of Venezuela's state oil company, PDVSA.

This policy shift is anticipated to bolster operational collaborations, potentially revitalizing Venezuela's energy production and economy as it seeks to strengthen its ties with global partners.

(With inputs from agencies.)