U.S. Reimposes Oil Sanctions on Venezuela

April 22, 2024--Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Washington has reimposed sanctions on Caracas, amid political tensions ahead of Venezuela's presidential elections and increasing uncertainty surrounding the South American nation's oil and gas projects.

The U.S. announced it would not renew the sanction relief license that allowed Venezuela to export oil to international markets. But the new measures are more relaxed than those of 2019, offering an opportunity for international oil companies to sustain their operations in Venezuela.