Venezuelan oil company is already negotiating with the US the sale of crude oil

The Venezuelan state oil company Petróleos de Venezuela, SA (PDVSA) reported this Wednesday (7) that it is in negotiations with authorities of the USA for the sale of crude oil on commercial terms. According to the company, negotiations take place based on agreements similar to those already existing with international companies, such as Chevronand seek “strictly commercial” conditions to resume export flows and contribute to global energy stability.

PDVSA highlighted in a statement that it “reaffirms its commitment to continue building alliances that promote national development for the benefit of the Venezuelan people”, highlighting that energy dialogues with Washington are progressing and that any sales must comply with market prices and conditions, without undue privileges.

United States reacts with policy change on sanctions

Also this Wednesday, the US Department of Energy (DOE) announced that the American administration is selectively reversing some sanctions on Venezuelan oil to allow its transportation and commercialization on the international market, including destined for United States refineries. According to a statement from the White House, this flexibility aims to facilitate a “historic energy agreement” between the two countries and allow US light oil to be used to optimize the production and transportation of Venezuelan heavy oil.

Official sources consulted by Reuters confirmed that Venezuelan and North American authorities are discussing the export of millions of barrels of crude oil that were held up in tankers and storage tanks in the country, due to the blockade imposed by Washington since mid-December. Since then, a lack of storage space has forced production cuts.

Proposals under discussion include redirecting exports originally destined for Chinathe main Venezuelan buyer in recent decades, for North American refineries, which can process the type of heavy oil produced in Venezuela.

Context of the oil and political crisis

Venezuelan oil exports were practically paralyzed after the United States imposed a blockade and sanctioned tankers linked to the PDVSA as part of the economic pressure on the government of Nicolas Maduro. Although Chevron has maintained export operations under a special license from the US Treasury, the embargo and seizure of vessels have drastically reduced the flow of crude oil out of the country, forcing PDVSA to consider production cuts to avoid overstocking.

The resumption of negotiations between PDVSA and the United States occurs at a time of profound changes in bilateral relations, following the recent intensification of American measures against Caracas and the evolution of conversations about opening the Venezuelan oil sector to commercial interests in a new geopolitical scenario.