Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.

US eases sanctions on Venezuela's energy as oil prices stuck high

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Oct 2023 09:31
  • 1 Shares
5 Min Read

Venezuela's daily oil production has seen a rise from 732,000 to 810,000 barrels per day between January and July 2023.

  • x
  • US eases sanctions on Venezuela's energy as oil prices stuck high
    A Venezuelan worker standing in front of a machine operated by state-owned PDVSA in September 2017 (AFP) 

The United States will provide a six-month ease of sanctions on Venezuela's energy sector after an agreement between the Venezuelan government and the US-backed opposition was reached on Tuesday regarding the 2024 elections.

A second general license was also issued authorizing dealings with Minerven - the Venezuelan state-owned gold mining company - citing positive effects in reducing black-market trading in gold.

"In response to these democratic developments, the US Department of the Treasury has issued General Licenses authorizing transactions involving Venezuela's oil and gas sector and gold sector, as well as removing the ban on secondary trading," the US Treasury Department said in a statement.

Unlawful sanctions

Commenting on the partial lifting of sanctions, Venezuelan President Nicolas Maduro said the country is ready for a new stage of relationship with the US and Western countries based on mutual respect and cooperation.

"Let's restore a relationship of respect, cooperation, yes, cooperation for the sake of peace, coexistence of the entire Western Hemisphere, the entire American and Caribbean continent. This is my message to the decision-makers, those in power and the government of the United States of America," Maduro said on Tuesday at a meeting with a delegation representing the government in talks with the opposition in Barbados.

"We as Bolivarians, as successors of the legacy of [former Venezuelan President and] Commander Hugo Chavez, are ready, as he always wanted, for a new stage of relations with the United States of America - respect, equality and progress." 

Read more: Maduro warns of plots to destabilize the country

The President added that Caracas has made an initial step forward toward the continuous lifting of all sanctions against the country, stressing that this is the "global consensus" of Venezuelans as "84% of citizens one way or another demand that sanctions be lifted."

During the meeting, Maduro agreed to the suggestion of Venezuelan National Assembly President Jorge Rodriguez to convene a national peace conference. This conference aims to allow a broad spectrum of Venezuelans to craft a cohesive stance "to defend the country's significant interests and to call for the total removal of all unlawful and punitive sanctions."

Related News

US, China to resume talks in Madrid; tariffs, TikTok on agenda

China warns Philippines against provocations in South China Sea

Venezuelan Vice President Delcy Rodriguez, an attendee at the Caracas meeting, articulated the conditions of the US license, describing them as "an initial move in restoring international legitimacy towards economic, commercial, and financial liberties."

Rodriguez conveyed, "Ultimately, this illustrates the triumphant perseverance of the Venezuelan people who acknowledge not the foreign jurisdiction, but Venezuela's jurisdiction. It signifies that Venezuela and its citizens have persistently been justified in asserting our rights to harness oil, cultivate gold, and export gas — capitalizing on the wealth and natural resources of our nation. Hence, this is a monumental achievement for our country."

Washington wants oil

Venezuela's daily oil production saw a rise from 732,000 to 810,000 barrels per day between January and July 2023.

Washington has been making efforts to secure oil at a target price after global oil prices hiked following the West's imposition of sanctions on Russia's Urals. Moreover, the declining influence of the US on OPEC+ decisions forced Washington to seek alternative energy sources, especially after the historic depletion of the Strategic Petroleum Reserves SPR.

Discussions have been ongoing for months between the two countries, indicating a shift in American policies toward Venezuela - which has the world's largest proven oil reserves.

Read more: Iran reveals first home-made catalyst to be used in Venezuela refinery

In November 2022, the US Treasury provided a new license allowing Chevron to extract oil in Venezuela for six months through its joint venture partners such as state-owned PDVSA. However, the license did not expand operations or allow new American investment in Venezuela's oil sector.

The first shipment of Venezuelan oil by US Chevron to the United States took place in January this year.

Media reports in September suggested that the US-based energy giant plans to boost production by 65,000 barrels of oil a day by the end of 2024, pushing its total output to 200,000 bpd in its joint venture with PDVSA.

Chevron declined to comment on the reports.

Solid step

On Tuesday, an agreement was struck between Venezuela's government and the opposition, ensuring electoral safeguards. An internationally supervised election is scheduled to take place in the latter part of the upcoming year.

"This is the first step in a much broader agreement," the head of the government delegation Jorge Rodriguez said. Meanwhile, the opposition representative Gerardo Blyde described the agreement as a "solid step" forward.

It is worth noting that "the license will be renewed only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained," according to the Treasury statement.

  • United States
  • Oil and gas
  • Venezuela
  • Jorge Rodriguez
  • PDVSA
  • Nicolas Maduro

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
People protest against Israeli Prime Minister Benjamin Netanyahu during the 79th session of the United Nations General Assembly, in New York, on Friday, September 27, 2024 (AP)
Politics

'Israel' stops unfunded diplomacy ahead of UN, October 7 memorial

An Israeli Air Force fighter jet releases flares over the Gaza Strip, is seen from southern occupied Palestine, Thursday, May 8, 2025 (AP)
Politics

OIC summit draft: Israeli attack on Qatar risks normalization

People shout slogans and hold Palestinian flags while protesting during the twenty-first stage of La Vuelta cycling race from Alalpardo to Madrid, Spain, Sunday, Sept. 14, 2025. (AP)
Sports

Pro-Palestine protests force abrupt end to Vuelta a España finale

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, on Wednesday, September 10, 2025 (AP)
Politics

Israeli regime faces growing isolation over Qatar strike: Reports

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS