The US government said it will not renew Venezuela's oil license, whose term expires today, Reuters reported, quoted by BTA, specifying that the permit largely eased the South American country's oil market.
The agency points out that in this way, the administration of President Joe Biden has decided to reimpose punitive measures in response to President Nicolás Maduro's failure to fulfill pre-election commitments. He is seeking a third term in the elections on July 28 this year.
In October, the US Treasury authorized for a period of six months the production and export of Venezuelan crude oil, gas and fuel, the supply of goods and services, new investments and payments to "Petróleos de Venezuela" with some restrictions for business partners.
Just hours before the deadline, the US Treasury Department announced that it had issued a replacement license giving companies in the country's oil and gas sector 45 days to "wind down".
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In recent months, Washington has repeatedly threatened to reimpose energy sanctions if Maduro does not follow through on promises that have partially eased US punitive measures. The US-backed agreement on the elections between the government and the Venezuelan opposition also played a role.
Sweeping sanctions on Venezuela's oil industry were first imposed by President Donald Trump's administration in 2019 following Maduro's election victory, which the US and other Western governments did not recognize.