U.S. Prepares License to Ease Venezuela Oil Sanctions

U.S. officials are preparing to issue a general license that would ease sanctions on Venezuela's energy sector, following the capture of President Nicolas Maduro by American forces earlier this month, in a move aimed at reviving the country's oil industry through a $2 billion supply deal and a $100 billion reconstruction plan.

The license, expected soon, represents a shift from the previous system of granting individual exemptions to companies seeking to operate in Venezuela. Sources familiar with the preparations said the change would streamline approvals for partners of the state-owned oil company PDVSA, including Chevron, Repsol, and Reliance Industries, which have faced delays in expanding production and exports due to the high volume of requests. The U.S. Treasury Department and White House have not commented on the matter.

The developments come after U.S. forces conducted an operation in Caracas on January 3, capturing Maduro and his wife, Cilia Flores. This led to a naval blockade in December that halted shipments on sanctioned vessels and placed Venezuelan oil exports and revenues under U.S. control. Washington has stated it will oversee the sector indefinitely to align...