Americas News
US Eases Sanctions on Venezuelan Oil for Six Months
The US has eased its sanctions on Venezuela's oil industry for the next six months.
The US Treasury Department issued a new general licence on Wednesday authorising Venezuela to produce and export oil for the next six months without limitation.
The deal also involves Venezuela running an internationally observed presidential election next year.
As far as the bunker market is concerned, the lifting of sanctions is most likely to bring down HSFO prices, with Venezuelan crude coming with a high fuel oil yield when refined. This effect will be most pronounced in the US Gulf and Panama, but could be seen further afield in Europe and elsewhere.
The US sanctions on Venezuelan oil have lasted more than 15 years, and were significantly tightened in 2019.
