U.S. Eases Sanctions and Lets Companies Do Business With Venezuelan State-Owned Oil Company As Global Prices Surge Due To Iran War

Oil facility of Venezuela's state oil company PDVSA (Credit: Reuters)

Following years of severe sanctions, the United States will now allow U.S. companies to do business with Venezuela's state-owned oil and gas company Petróleos de Venezuela S.A. (PDVSA).

The Treasury Department eased some sanctions on the company on Wednesday, allowing PDVSA to directly sell Venezuelan oil to U.S. companies and on global markets.