GTCFX pointed out thatWheeloffortunegameonlineThe United States seems inclined to allow international oil companies that already operate in Venezuela to continue to extract crude oil in countries with the world's largest oil reserves. Although the United States recently resumed sanctions on Venezuelan crude oil production and exportsWheeloffortunegameonlineThe White House is clearly reluctant to disturb the oil market and prices too much before the November presidential election, so as not to affect US gasoline prices.

In October 2023, the United States introduced a temporary sanctions measure valid until April 2024, allowing Venezuela to produce, exploit, sell and export oil or gas, provide related goods and services, and pay invoices for goods or services. These measures are aimed at ensuring the continuation of services related to the operation of the Venezuelan oil or gas sector. The United States temporarily lifted six months of sanctions after Venezuelan President Nicolas Maduro promised fair elections this year.

As a result, top international oil trading companies resumed trading with Venezuelan Oil, and some oil field service providers began to assist international giants in extracting crude oil from a joint venture with Venezuelan state oil company PDVSA. However, the United States lifted sanctions on Venezuelan oil because of the lack of progress on Maduro's commitment to fair elections.

After the lifting of the sanctions, it is expected that more special permits to exempt foreign oil producers from sanctions may come soon. The last sanctions period before October 2023 only issued licenses to American supergiant Chevron.

GTCFX said that despite increased demand for gasoline, oil prices are still under pressure. In mid-April, the Biden administration resumed the six-month temporary oil sanctions granted to Venezuela by the United States in October last year. The move was strongly opposed by Caracas, which described the resumption of sanctions as an attempt by the United States to "control and manipulate the Venezuelan oil industry." Although Nicholas Maduro had the opportunity to comply with the conditions for lifting sanctions, he continued to ban, arrest or otherwise prevent staunch opposition candidates from participating in the presidential elections scheduled for 28 July.

General license No. 44 authorizes transactions related to the operation of the Venezuelan oil or gas sector at 12: 00 a.m. on April 18.WheeloffortunegameonlineIt expires at 01. The US subsequently issued a 45-day phase-out license and the Office of Foreign assets Control (OFAC) of the US Treasury said that requests for specific permits would also be considered on a case-by-case basis in order to continue activities after the buffer period expired.

One of the specific licenses has been granted to Spanish energy giant Repsol, which produces oil in Venezuela along with Chevron of the United States, Eni of Italy, Maurel&Prom and Shell. Repsol has received permission from the U.S. Treasury to continue and expand its oil and gas operations in Venezuela. Repsol has a joint venture with PDVSA and has a stake in PerlaField, one of Latin America's largest offshore gas fields, 60 per cent in the onshore Quiriquire gas project, and in the Petrocarabobo heavy crude project and the Petroquiriquire joint venture.

Just before the expiration of the six-month US general license, Repsol signed an agreement with PDVSA to add two fields to its joint operations in Venezuela, which would double the country's oil production.

GTCFX pointed out that the oil majors may get more special licenses to operate in the Venezuelan oil industry. The US Treasury is currently reviewing as many as 50 license applications from companies willing to do energy business in Venezuela, a US official said this week.

GTCFX says the United States is looking for the best solution to sanctions against Venezuela. Despite the resumption of sanctions, the US Treasury has made it clear that it welcomes specific license requests in the next 45 days that are in the interests of the United States. The impact of the market on the global oil market remains to be seen. Much depends on how many private companies apply for debt or product swaps, and whether Venezuela's small but important oil projects also apply for licences.

[risk Tip] according to the relevant regulations on foreign exchange management, the buying and selling of foreign exchange shall be carried out at the trading venues prescribed by banks and other countries. Whoever buys and sells foreign exchange privately, buys and sells foreign exchange in disguise, buys and sells foreign exchange or illegally introduces a relatively large amount of foreign exchange shall be imposed by the foreign exchange control agency according to law; if the case constitutes a crime, he shall be investigated for criminal responsibility according to law.