Post #1382

Venezuelan state oil company PDVSA has signed at least three spot sales contracts and is in the midst of negotiating more supply deals following Washington’s temporary easing of sanctions on the country’s energy sector. Since 2017, PDVSA has been under US sanctions, including an export embargo that has blocked the Venezuelan company from selling crude to international markets. On October 18, the US Treasury Department issued time-limited licenses allowing production, investment and sale in the Venezuelan oil and gas sectors. The sanctions waivers followed the resumption of the dialogue process between the Nicolás Maduro government and the US-backed opposition on October 17, which concluded with the signing of an electoral accord. Although the six-month exemptions will not significantly impact oil production, they have allowed PDVSA to secure spot sales and reactivate contracts to boost exports in the upcoming months. Currently, the South American country has a reported stock of 30 million barrels of crude and fuel ready to be shipped. https://venezuelanalysis.com/news/pdvsa-signs-spot-contracts-as-companies-rush-to-buy-venezuelan-crude/