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The Economic Times

Economy / The Economic Times

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US issues license for oil companies to operate in Venezuela

The Trump administration has eased sanctions on Venezuela. A new license allows US oil companies to export, sell, store, and refine Venezuelan crude. This move aims to revive Venezuela's oil sector. However, restrictions apply, including a ban on transactions with Chinese-tied entities. The US will control future sales and hold proceeds.

30 Jan 2026 6:48 am