The US opens the tap in Venezuela. Rescue plan for the oil market

The US Ministry of Finance on Wednesday eased sanctions on the Venezuelan state-owned oil company. As the media emphasize, this is to help increase oil supplies to the world market in the face of the war with Iran.

As a result of the easing of sanctions, Venezuela's state oil company PDVSA can sell oil directly to American companies and to global markets. However, certain restrictions apply: the US will continue to control the flow of cash from these transactions, the AP reported. Additionally, PDVSA cannot sell oil to Russia, Iran, North Korea, Cuba and some Chinese entities.

The issuance of this license is expected to significantly boost Venezuela's oil-dependent economy and encourage investment by companies that have been wary of it, the AP noted.

Also on Wednesday, the White House announced that President Donald Trump was suspending the requirements resulting from the so-called The Jones Act requires that goods transported between U.S. ports must be moved aboard U.S.-flag ships.

White House spokeswoman Karoline Leavitt wrote on Platform She added that thanks to this, “key resources such as oil, natural gas, fertilizers and coal will be able to flow freely to U.S. ports for sixty days.”

The purpose of the 1920s Jones Act was to protect the American shipbuilding sector. As AP wrote, critics accuse these regulations of contributing to higher fuel prices.

After American commandos captured Venezuelan leader Nicolas Maduro in early January and took him to the United States, Washington eased sanctions on the Venezuelan oil sector, and the interim government in Caracas liberalized the access of foreign companies to the country's rich oil deposits. Venezuela has the largest documented oil deposits in the world, but the poor condition of its infrastructure currently does not allow it to exploit this potential.

In response to the war between Israel and the US against Iran, which has been ongoing since February 28, Tehran has introduced a blockade of the Strait of Hormuz, through which approximately 20 percent of the world's imports are transported. world crude oil. The easing of sanctions is intended to increase the production of raw materials and, consequently, to reduce rapidly rising prices.

From Washington Natalia Dziurdzińska (PAP)

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