The US has eased sanctions and allowed oil companies to operate in Venezuela.

Washington issued a general license, expanding the scope of operations for American oil companies in Venezuela. This marked "an important step toward easing sanctions" following the change of leadership in the republic, Bloomberg notes.

The license issued by the US Treasury Department covers a wide range of activities, which could expedite the supply, storage, and refining of Venezuelan oil . However, the document does not cover crude oil production in Venezuela, a White House spokesperson clarified. Currently, only one company—Chevron—is engaged in this activity under a special US license.

The permit was issued to American companies after Venezuelan authorities approved hydrocarbon reforms deemed necessary for American companies to begin operations in the country. This included allowing foreign entities to participate in the privatization of Venezuelan production facilities.  

President Donald Trump expects US energy companies to invest billions of dollars to revive Venezuela's oil sector, whose infrastructure has "fallen into disrepair due to underinvestment and corruption," the agency notes.

The impact on operations in Venezuela after the license is issued may be limited due to the continued ban on transactions with companies linked to China. The latter was a major buyer of Venezuelan oil under former President Nicolás Maduro, the article notes.

In early January, the US invaded Venezuela, captured Maduro, and then transported him to New York, where he is scheduled to stand trial on charges of "narco-terrorism." Delcy Rodriguez, former vice president, became interim head of state and declared a willingness to resolve differences with the US diplomatically. After speaking with her, Trump declared that the US was now getting along "very well" with Venezuela.

As early as mid-January, the American president announced that the United States planned to use Venezuela's vast oil reserves. By January 15, the United States had completed the sale of the first batch of oil, worth a total of $500 million. Furthermore, Washington began confiscating oil tankers that were leaving the republic without permission from American authorities.

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