European giants Repsol and Eni are now allowed to export oil from Venezuela, as the US is easing a restriction on its oil exports as payment for debt.
The decision comes amid a tight oil market – especially for the grade of heavy crude Venezuela produces.
The US State Department is reversing its earlier position of threatening sanctions against Repsol and Eni for exporting Venezuelan crude.
Under the new arrangement, both Italy’s Eni and Spain’s Repsol will be able to offtake Venezuelan crude as repayment for past investments in the country and export it overseas.
The US levied severe sanctions on Maduro’s government in January 2019, and banned US imports of oil from the country from late April of that year.
Tags: Crude Oil, Eni, Exports, Repsol, Venezuelan oil
Recent Posts
PM Modi will lay the foundation for Visakhapatnam’s green hydrogen center
Manohar Lal Khattar flags off NTPC’s green hydrogen buses
TotalEnergies partners with OIL India to detect methane emissions
As European benchmarks increase, Asian LNG soars to its highest level this year
Refined petroleum product export rose 12% in October
Tata Steel becomes India’s first to use biochar for greener steel production
$100 mn government investment to boost green growth in marine and offshore energy
ORIX to conduct a sea trial using biofuel in the owned vessel