From NBC News: U.S. companies will be allowed to do business with Venezuela’s state-owned oil and gas company after the Treasury Department eased sanctions, with some limitations, on Wednesday as the Trump administration looks for ways to boost world oil supplies during the Iran war.
The Treasury issued a broad authorization allowing Petróleos de Venezuela S.A, or PDVSA, to directly sell Venezuelan oil to U.S. companies and on global markets, a massive shift after Washington for years had largely blocked dealings with Venezuela’s government and its oil sector.
Separately, the White House said Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed for making gas more expensive.
The Republican administration faces pressure to ease oil prices as the US and Israel wage war with Iran, causing a spike in prices after Iran halted traffic through the Strait of Hormuz.
The Treasury’s license incentivizes new investment in Venezuela’s energy sector, benefiting both countries and increasing global oil supply.
The Trump administration eases sanctions on Venezuela’s PDVSA, allowing U.S. companies to trade oil. Combined with a Jones Act waiver, the moves aim to ease soaring gas prices amid the Iran conflict.https://t.co/Ln45GLBWsk
— businessline (@businessline) March 18, 2026
Read more at NBC News
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