Breanne Deppisch is an energy and climate policy reporter at the Washington Examiner. A former national political reporter, she has closely covered campaigns, Congress, and the White House since 2016.
Venezuelan state-run oil company PDVSA is in talks with equipment and service providers to help boost its depressed crude output amid the temporary lifting of U.S. sanctions against the country.
The efforts come after the Treasury Department’s Office of Foreign Asset Controls, or OFAC, announced a six-month reprieve from most sanctions on Venezuela’s oil sector in October, allowing it to produce, export, and sell its crude oil, gas, and fuel supplies to customers largely without limitation.
The Biden administration lifted sanctions on Venezuela enacted in 2019, contingent on Venezuelan President Nicolas Maduro’s regime honoring a deal it struck last month with opposition parties aimed at ensuring a “free and fair” presidential election in 2024. "The OFAC has issued an unprecedented general license that suspends the broad siege imposed to PDVSA," PDVSA’s CEO and oil minister, Pedro Tellechea, said on social media.The nation’s oil production currently averages roughly 780,000 barrels per day, the outlet reported.
"Even in case sanctions are reinstated, the money brought in and the limited additional production will be a 'bird in hand'" for Maduro's administration, he added.
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