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.
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