The Office of Foreign Assets Control (OFAC) issued a new license last week for the sale of US diluents to Venezuela, as part of the opening of crude oil exports from the South American country.

According to this license, the export and sale of US diluents to Venezuela is formally authorized, as they represent a key input for the production of exportable crude oil from the OPEC member country.

“The official document highlights that the authorization directly supports the current administration’s policy to revitalize Venezuela’s oil sector. Furthermore, the new regulations expressly authorize the processing of payments made by the Venezuelan government for these transactions, allowing the flow of financial resources between the two nations to be executed legally under the Treasury’s administrative framework.”

The new measure from the U.S. Treasury Department reinforces “the normalization of commercial activity and the logistical support necessary for the operation of the energy industry in the country.”

M.Pino

Source: alnavio

(Reference image source: Christian Harb on Unsplash)

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