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US and Venezuelan Relations Frayed After Oil Export License Expires

OIL

Venezuelan President Nicolas Maduro criticized the administration of U.S. President Joe Biden for making good on its "blackmail threat" in a tv address Thursday after the license 44 oil export license was not renewed this week.

  • The US said they were not able to renew it after the Maduro regime fell short of its commitments towards free and fair elections, such as failing to allow his main political opponent to run against him in the upcoming elections.
  • On Wednesday, U.S. officials gave companies 45 days to wind down pending transactions under a more restrictive license called 44A.
  • The 45-day period could allow departures by some oil supertankers chartered by PDVSA customers that have waited for months to load in Venezuela, but others might need individual U.S. authorizations to complete their purchases according to Reuters reports.
  • Washington said on Wednesday it would process specific authorization requests for doing business with Venezuela.
  • Prior authorizations by firms including Chevron, Repsol and Eni were not withdrawn which allows Venezuelan oil to flow to the US and Europe in a crude for debt swap.
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Venezuelan President Nicolas Maduro criticized the administration of U.S. President Joe Biden for making good on its "blackmail threat" in a tv address Thursday after the license 44 oil export license was not renewed this week.

  • The US said they were not able to renew it after the Maduro regime fell short of its commitments towards free and fair elections, such as failing to allow his main political opponent to run against him in the upcoming elections.
  • On Wednesday, U.S. officials gave companies 45 days to wind down pending transactions under a more restrictive license called 44A.
  • The 45-day period could allow departures by some oil supertankers chartered by PDVSA customers that have waited for months to load in Venezuela, but others might need individual U.S. authorizations to complete their purchases according to Reuters reports.
  • Washington said on Wednesday it would process specific authorization requests for doing business with Venezuela.
  • Prior authorizations by firms including Chevron, Repsol and Eni were not withdrawn which allows Venezuelan oil to flow to the US and Europe in a crude for debt swap.