The US plans to issue a general license for oil extraction in Venezuela, Bloomberg reported, citing its sources.
The US Treasury Department may publish the relevant document as early as this week. The aim of such a move is to encourage US-affiliated companies to increase oil production in the Bolivarian Republic.
At the end of January, US authorities authorized certain transactions with the Venezuelan oil industry by US companies, including those related to the Venezuelan state oil company PDVSA. The license specifies that all such transactions must be governed by US law and any disputes related to them must be resolved in the US.