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US to Ease Sanctions on Venezuela, Enabling Cargoes to Europe

May 17, 2022, 9:36 PM

The Biden administration plans to ease sanctions on Venezuelan oil in a bid to bring more of the country’s crude to Europe.

The U.S. will allow European companies still operating in Venezuela to divert more oil to the continent immediately while Chevron will be allowed to negotiate a resumption of operations in the country, according to a person familiar with the matter who spoke on condition of anonymity to detail the plans. The U.S.-backed Venezuelan opposition supports the move, the person said.

The easing of penalties come as tightening global oil supplies send the cost of crude and fuels skyward, ...