Jeremy Paner Discusses the US Easing Sanctions on Venezuelan Oil Industry

Jeremy Paner discussed the U.S. recently lifting some sanctions on Venezuela’s oil industry to make it easier for U.S. companies to sell its crude oil. The move authorizes U.S. companies to buy, sell, transport, store and refine Venezuelan crude oil, but does not lift existing U.S. sanctions on production.

Speaking to Reuters, Paner said this authorization is broad in the sense that it opens up many operations including refining, transportation and “lifting” of Venezuelan oil, but that the scope is narrow because it only applies to U.S. companies.

To the Financial Times, Paner said the general licence announced on Thursday appeared to exclusively benefit American oil companies as opposed to other foreign groups operating in the country.

“This is an extraordinary licence because on its face it only benefits US oil companies,” he said. “It provides no protection for the non-US players in Venezuela, who remain locked out of the US dollar and oilfield service providers for their Venezuelan operations.”

Read the Reuters and Financial Times articles.