Americas News
US Agrees to Ease Sanctions on Venezuelan Oil
The US government has reached a deal with Venezuela to ease sanctions on the country's oil industry.
The deal involves oil sanctions being eased in return for an internationally monitored presidential election being held in Venezuela next year, the Washington Post reported on Monday, citing two people familiar with the negotiations.
More details are to be announced on Tuesday, according to the report.
The US sanctions on Venezuelan oil have lasted more than 15 years, and were significantly tightened in 2019.
An easing of the sanctions could make cheaper Venezuelan crude supplies available to refiners in the US Gulf, cutting prices there. As Venezuelan crude comes with a high fuel oil yield when refined, this change would be likely to put downward pressure on HSFO prices in the region.
