Washington imposed an oil embargo in 2019 after ignoring the re-election of Nicolás Maduro a year earlier. The measure, part of a battery of sanctions, coincided with the most acute moment of an unprecedented crisis.
General license 44, which allowed the marketing of oil and gas to Venezuela, expired at midnight on Thursday without being renewed. In its place, 44A was announced, which will allow the state-owned Petróleos de Venezuela (PDVSA) to complete pending transactions with partners before May 31. "We are available, willing to continue advancing with all the transnational companies that want to come," reacted the president of PDVSA and Minister of Petroleum, Pedro Tellechea, on Wednesday. But 44A also includes a section that allows companies that wish to work with Venezuela to request specific licenses, such as the one Chevron has, analyst Leonardo Vera said. The Treasury Department gave the deadline for "settlement of pending transactions" until May 31, he said.