Venezuela believes that the US seeks to control the oil industry with the imposition of sanctions

The Government of Venezuela issued this Thursday, April 18, 2024, a statement rejecting the United States’ intention to protect and control the oil industry with the imposition of sanctions and measures.

Venezuela considers that Foreign investments in PDVSA will continue and that the sanctions do not completely limit business with energy transnationals.

“It harms any attempt to normalize bilateral relations, the international energy market and, above all, “It harms their own investments and interests,” said Venezuelan Foreign Minister Yván Gil.

The chancellor assured that The sanctions are intended to damage the Venezuelan economy with an ideological motivation: to favor an opposition political group. The president of PDVSA, Pedro Rafael Tellechea, believes that the sanctions will not block the possibility of continuing to do oil business with other countries.

“We are available, willing to continue advancing with all the transnational companies that want to come to Venezuela. “We are willing to generate the energy balance that is so needed,” said Tellechea.

Oil experts explain that these sanctions leave an open door for the Venezuelan Government to take steps towards free and fair elections. in exchange for easing these measures.

“As the extension to May 31 opens the possibility of continuing with the license, it is seen that everything is related to the country’s negotiations, since there is still an opportunity there. Chevron is not affected by this and that is important to say,” explained Orlando Ochoa, an expert oil economist.

Ochoa also assured that the agreements signed between Colombia and Venezuela on gas will not be affected with the sanctions.

Until next May 31, North American companies have a deadline to end their business with PDSVA, that is the same deadline that the government of Nicolás Maduro has to change its electoral policy and allow the participation of opponents.

The United States also extended its protection to the oil company CITGO until the month of August to avoid seizures and lawsuits from bondholders.