Authorized sale of US-made thinners to Venezuela The U.S. Treasury Department’s OFAC has authorized the sale of U.S.-origin diluents to Venezuela, essential for producing exportable crude oil. This authorization includes various related services like transport and insurance. This move follows a previous modification of sanctions on Venezuela’s oil industry and coincides with Venezuela’s parliament unanimously approving a Partial Reform of the Organic Hydrocarbons Law.

• OFAC authorized the sale of U.S.-origin diluents to Venezuela.
• Diluents are necessary for producing exportable grades of crude oil.
• Authorized transactions include payment processing, maritime transport, logistics, vessel chartering, marine insurance, P&I coverage, and port/terminal services.
• The general license prohibits unreasonable payment terms, debt swaps, gold payments, or payments in Venezuelan government-issued digital currency.
• Last Thursday, the U.S. Treasury modified sanctions to authorize transactions related to the export, refining, and sale of Venezuelan petroleum by established U.S. entities.
• The Venezuelan parliament unanimously approved the Partial Reform of the Organic Hydrocarbons Law.
• The reform law consists of 35 articles derived from proposals from various sectors.