US issues license for oil companies to operate in Venezuela

The Treasury Department’s license covers a variety of activities necessary to export, sell, store and market Venezuelan crude.

The Trump administration issued a general license expanding the ability of oil companies to operate in Venezuela, marking a significant to step ease sanctions under the new US-backed leadership in Caracas.

It comes after Venezuelan lawmakers approved a historic reform of the country’s hydrocarbons policy (REUTERS)

The Treasury Department’s license covers a variety of activities necessary to export, sell, store and market Venezuelan crude, including arrangement of shipping and logistics services.

It comes after Venezuelan lawmakers approved a historic reform of the country’s hydrocarbons policy, which some US oil executives had described as essential to launch operations there.

The move reflects the Trump administration’s desire to get Venezuela’s economy moving and normalizing rapidly, helping to build momentum after Maduro’s capture, a person familiar with the matter said.