Trump Allows U.S. Firms to Provide Services for Venezuela’s Oil

The Trump Administration has further eased the sanctions on Venezuela’s oil industry by allowing U.S. firms to provide services and technology for hydrocarbon exploration and production in the South American country. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) noted in a new general license that U.S. entities or persons are now authorized to provide “goods, technology, software, or services for the exploration, development, or production of oil or gas in Venezuela” under certain limited conditions.