HOUSTON/CARACAS -Venezuela's loss of a key U.S. license that allowed it to freely export and increase investment in its oil sector will hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S deal authorizations.
The period could allow some of the oil supertankers chartered by customers of state company PDVSA and waiting months to load at Venezuelan ports to depart, but others might need individual U.S. authorizations to complete their purchases. Venezuela expects to have some of those expansions authorized in the 45-day window, including with Chevron and Repsol, and resort to individual license requests after that, oil minister Pedro Tellechea said on Wednesday.The withdrawal of the most significant element of U.S. sanctions relief marks a major step back from President Joe Biden's policy of re-engagement with Maduro.
The license had allowed PDVSA to expand exports to pre-pandemic levels, improve cash flow and secure imports of diluents and fuel for the domestic market. In March, PDVSA's oil exports climbed to the highest level in four years as customers rushed to complete purchases ahead of the license expiration. But the backlog of tankers waiting to load at Venezuelan ports has not eased significantly, shipping data showed.
Without the authorization, PDVSA is expected to resort again to little known intermediaries to sell its oil under price discounts, mainly to Asia, unless enough U.S. individual authorizations are issued, experts said.
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