US softens Venezuelan sanctions

Chamber of Shipping > Blog > News > International > US softens Venezuelan sanctions

The United States is easing sanctions against Venezuela, allowing transactions in the country’s oil sector following an agreement between the Venezuelan administration and opposition leaders to ensure fair elections in 2024. This development is expected to lead to an increase in Venezuela’s crude oil production by approximately 200,000 barrels per day, a roughly 25% jump in production. While it may have a positive impact on the tanker market due to increased cargo flows, experts anticipate the additional Venezuelan oil will primarily flow to the US Gulf, potentially reducing US Gulf crude imports from Middle Eastern producers like Saudi Arabia.

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