Venezuelan oil may reach Europe as early as next month. Reuters reported, citing five people familiar with the case, that the winners were the Italian oil company Eni and Spain’s Repsol.

One person reported that the amount of pus from VenezuelaWhat Eni and Repsol will get is not large and the impact on world oil prices will be small. However, Washington’s agreement to resume long-frozen gas supplies from this direction to Europe may be a symbolic impetus for Venezuela’s president. Nicolas Maduro Reuters news agency.

In mid-May, the Associated Press reported that the US government intends to ease some economic sanctions against Venezuela, removing the possibility of importing oil from this direction to Europe.

Daoud Kazobek, director of the Polaris Investment Fund, recently said on TVN24 BiS that Venezuela, along with Iran, is actually the “world’s greatest hope” for replacing raw materials from Russia. These countries have the best opportunities when it comes to increasing oil production. He has some options Kingdom Saudi Arabiathere are some possibilities in African countries, but these two countries, i.e. Iran and Venezuela, are mentioned as the main sources that can be obtained in the future – but these are quarters, not months – oil can be obtained – Kzobek said.

Venezuelan oil can flow to Europe

According to the sources, the US State Department has given the two companies written permission to resume deliveries. US President’s Administration Joe Biden She hopes Venezuelan oil will help Europe reduce its dependence on Russia and divert some of its supplies from Venezuela to China. Another goal, Reuters sources said, is to get Maduro to resume political talks with the Venezuelan opposition.

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As we’ve read, two European energy companies that have joint ventures with state-owned Venezuelan oil company PDVSA may count oil shipments as unpaid debts and deferred profits.

Licenses to supply Venezuelan oil to Europe were due to be issued in May. Eni and Repsol did not respond to a request for comment. One of the interviewees said the main condition was that the oil “must go to Europe. It shouldn’t be resold elsewhere”.

Washington believes that PDVSA will not benefit financially from these deals, unlike the sale of gas to China. Cited data show that the Central Kingdom has become the largest recipient of Venezuelan oil, with up to 70 percent. Monthly shipments go to local refineries. In addition, Reuters noted that China has not joined the Western sanctions imposed on Moscow, and that despite US pleas, it continues to buy Russian oil and gas.

Maciej Zieliński / PAP

US sanctions against Venezuela

Reuters noted that the United States had not previously granted similar approvals to collect Venezuelan oil, including the US company Chevron, the Indian Oil and Natural Gas Company or the French company Morel & Prom. These companies were also expected to pressure the US Department of State and Treasury to accept oil in exchange for billions of dollars in debt from the South American country. The supply was stopped in mid-2020 during the “maximum pressure” campaign led by the then President of the United States Donald Trump. As part of the campaign, oil exports from Venezuela were limited, which was supposed to contribute to the ouster of Maduro.

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Venezuelan Vice President Delcy Rodriguez said last month that she hoped the US efforts would “pave the way for the complete lifting of illegal sanctions that affect the entire nation.”

In March of this year. The Joe Biden administration has held talks at the highest level with the government in Caracas. Venezuela has released at least two of its 10 US citizens and has promised to resume electoral talks with the opposition. And Reuters news agency said that Maduro has not yet set a date for returning to the negotiating table.

Republicans and some Democratic Party officials oppose easing US policy toward Maduro. Washington has stated that further sanctions relief will depend on progress toward democratic change in Venezuela.

Venezuela has been mired in an ongoing political crisis since January 2019. At that time, Nicolas Maduro, after an election not recognized by the opposition, began his new term as president.

Main image source: Environmental Protection Agency / Miguel Gutierrez