The US government will allow Italian oil companies Eni SpA and Spanish Repsol SA to start shipping Venezuelan oil to Europe as a way to offset Russian crude starting next month.

The US State Department authorized the two companies to resume shipments through a letter issued last month. However, the details or restrictions are unknown.

Joe Biden hopes that with the restoration of Venezuelan oil flows “it can help Europe reduce dependence on Russia and redirect some of Venezuela’s shipments from China.”

Some sources consider that this new decision by Washington could “provide a symbolic boost” to the Venezuelan government, although they admit that the “volume of crude that Eni and Repsol are expected to receive is not a large amount.”

On the other hand, the sources highlight that the United States considers that “PDVSA will not benefit financially from these cashless transactions, unlike the current sales of oil from Venezuela to China.”

M. Rodríguez

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Source: bancaynegocios.com

La entrada Eni SpA and Repsol will send Venezuelan oil to Europe apareció primero en Bitfinance.