Venezuelan oil returns to Europe after 2-year US ban

Sputnik Brazil – About 650,000 barrels of oil from Venezuela, leased by the Italian company Eni, will leave for Europe in the coming days.

This is the first oil export by the United States to Europe in two years, Reuters reported on Friday.

Exports resumed only after the US State Department approved letters from Spain allowing Eni and Repsol to trade in Venezuelan oil.

The attempt to allow Venezuela to trade oil with Europe is a way to settle the Venezuelan government’s billions of dollars in unpaid debt. Venezuela is a member of the OPEC + (Organization of Petroleum Exporting Countries and Allies).

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The second tanker, leased by Eni, is currently heading to Venezuela and is expected to carry 2 million barrels to Europe.

The cargo is to be delivered by the Venezuelan government-owned PDVSA (Petróleos de Venezuela, SA) later this month, and I have the option of selling a portion of the oil to the refineries in Spain and its refineries in Cartagena and Bilbao.

Venezuela’s oil exports fell to a 19 – month low in May, with most contract sales due to contract changes imposed by the PDVSA reducing the risk of unpaid goods.

European, Asian and North American companies operate Collaborative efforts With PDVSA in Venezuela, billions of dollars are piled up in debt, including Eni, Repsol, Chevron, ONGC Ltd and Maurel & Prom, and the administration of then-US President Donald Trump halted the economic mechanism that allowed oil transfers. And debt repayment.

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