The US Department of State has announced that it will be reactivating sanctions against Venezuela's oil and gas sectors, when the general license providing relief to these sectors expires on 18 April 2024, due to a lack of compliance to the deal reached between the Venezuelan government and opposition parties regarding the 2024 election. The re-implementation of sanctions will give a total of 14 days for US persons to wind down any transactions previously authorized under it.
In October 2023, the United States eased sanctions on Venezuela's oil sector thanks to the Barbados Agreement, a deal reached between the Venezuelan government and opposition parties regarding democratic conditions for the 2024 election. The ease of sanctions allowed Venezuela to produce and export oil without limitations for a six-month period thanks to general licenses issued by the US Treasury Department.
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