, Columnist
In the World of Oil Sanctions, Venezuela Is No Iran
But the benefits for Venezuelan President Nicolas Maduro and the US are clear.
The Petroleos de Venezuela Amuay oil refinery.
Source: Bloomberg
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In late 2022, the US turned a blind eye on Iranian oil sanctions, allowing Tehran to quickly boost production and helping the White House contain energy prices. With Venezuela, the Biden administration has gone much further, formally lifting oil sanctions rather than just overlooking them. But the result in terms of output — and price — won’t be the same.
The US Treasury on Wednesday issued a six-month general license authorizing oil transactions with the Latin American country, including with state-owned Petroleos de Venezuela SA, which it banned in 2019 under President Donald Trump.