U.S. Eases Oil Sanctions, Greenlights Venezuelan Exploration

The U.S. Treasury Department has taken a significant step by issuing a general license to advance oil and gas exploration and production in Venezuela, a measure poised to boost the country's output significantly.

This development follows the captured leadership of President Nicolas Maduro by U.S. forces, leading to a gradual relaxation of sanctions. Oil drillers in Venezuela now have the authorization to utilize specialized U.S. equipment, a move set to enhance production from nearly 1 million barrels per day, with expectations of a 20% increase.

Key agreements, including a remarkable $2 billion oil supply deal plus a forthcoming $100 billion reconstruction plan, are planned to reshape Venezuela's oil industry, offering autonomy to foreign companies while addressing historical expropriation issues faced by firms like Exxon Mobil and ConocoPhillips.