The U.S. Department of Treasury on Wednesday said it eased sanctions on Venezuela’s state-owned oil and gas company and will now allow U.S. companies to do business with the firm amid tightening oil supplies during the Iran war.
In a notice published by the Treasury’s Office of Foreign Assets Control, it stipulated that U.S. companies can now do business with state-run Petroleos de Venezuela, S.A., or any entity that the company owns. The move allows for the company, known as PDVSA, to sell Venezuelan oil to the United States and on global markets in what amounts to a significant shift in relations that had largely barred American companies from dealing with Venezuela’s oil sector.
