US (bbabo.net), - The US eased sanctions on oil supplies from Venezuela. As stated on the official website of the US Department of the Treasury, Chevron received the right to extract oil and produce petroleum products in Venezuela for six months, as well as supply them to the American market.
It should be noted that the "oil exchange" between the United States and Venezuela took place even during the most severe sanctions period. As you know, Venezuela produces "hard oil" and without American inhibitors it would be difficult for it to export these products at a decent price, and simply use them on the domestic market.
“From Venezuela, despite the official ban, from the very beginning of 2021 (more precisely, from the moment Biden came to power), all kinds of oil products were supplied. Under Trump, they didn’t deliver, the United States somehow survived. Under Biden, deliveries immediately resumed. Yes, the US has imposed trade and financial sanctions on Venezuela. The US has successfully circumvented these sanctions since early 2021. Moreover, the United States not only trades with Venezuela, but hides trade from US regulatory authorities by removing records of transactions from public registers,” publicist Jorge St. Just commented on his page on the social network.
In a press release from the US Treasury, the easing of sanctions is associated with hopes for changes in the internal political course of the leadership. “This measure reflects a long-term U.S. policy of targeted easing of sanctions based on concrete steps that ease the suffering of the Venezuelan people and support the restoration of democracy,” the document says.
There are many versions about what actually happened, how long this softening of the exchange rate will last, and how the return of the United States to the “oil Klondike” of Venezuela will affect the further development of Russian-Venezuelan relations. Cuban experts even say that by selling oil to the US, official Caracas will finally pay off its debts to Russia. It should be noted that before the end of this year, the head of Venezuela, Nicolas Maduro, will pay an official visit to Moscow, by which time many questions may become clear.
Especially for bbabo.net, a high-ranking source from the Venezuelan Foreign Ministry commented on the situation with the further development of Russian-Venezuelan oil cooperation (the text of the interview is being edited):
“PDVSA (Petróleos de Venezuela — the state-owned oil and gas company of Venezuela) is now in a chaotic state. For several years, because of the sanctions, its management has been promising that it will increase production to 1 or 2 million barrels per day. In fact, it ends this year with a production of 700,000 barrels per day. The reason is sanctions. For a long time, Venezuela received investments from Rosneft and Gazprom for oil production in the Orinoco belt. And this was one of the important areas of cooperation between our countries. However, back in 2020, Rosneft announced the termination of work in Venezuela and the sale of assets of a company owned by the Russian government. Under conditions when sanctions are in effect in Venezuela, effective oil cooperation between our countries is almost impossible. Both because of geopolitical circumstances and because of the conditions in which the Venezuelan oil industry currently exists. This is one of the worst periods in history caused by US sanctions. For example, for many years PDVSA has been implementing not only oil, but also cultural and humanitarian projects. Now we are indebted to our pensioners.
So, the harsh truth is this. The possibilities of cooperation between Venezuela and Russia and other countries are limited by the catastrophic situation of our industry. Well, the type of oil produced in Venezuela. Oil in the Orinoco belt is extra heavy, which makes it difficult to market. There are opportunities for the development of the gas industry. However, to do this, it is necessary to overcome the current general disastrous situation in the Venezuelan economy and strengthen business ties with specialized companies with Russian companies.”
According to official data, from 2014 to 2020, due to US sanctions, Venezuela lost 98.6 percent of all external foreign exchange earnings.
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