To at least partially make up for supply shortages from Russia, Venezuelan oil could be shipped to Europe from July. According to insiders, the US government is considering easing oil sanctions against the South American country. However, the amounts will likely be quite small.
The Italian energy company Eni and the Spanish competitor Repsol could be responsible for the transport, one of the five acquaintances reported to Reuters news agency. The main condition of the US is that the oil may only be sold to Europe and not elsewhere. Venezuela’s state-owned energy company PDVSA already has joint ventures with two European groups, Eni and Repsol, and could offset the deliveries with debt or outstanding dividend payments.
According to insiders, if oil actually comes from Venezuela to Europe in the future, this will not have a significant impact on the oil price. The US ended its “oil for debt” program in Venezuela in 2020, and China has been the biggest buyer ever since.
Conversations with the opposition?
The sanctions followed a power struggle between Venezuelan President Nicolas Maduro and the opposition. The US and many other western states have failed to recognize Maduro’s re-election in 2018. According to the confidants, they are now trying to persuade the president to talk to the opposition with the new step.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
