Oil sales from Venezuela will continue indefinitely and sanctions will be reduced as part of an agreement between the US administration and Venezuela, CNBC reports citing a White House source; 50mln barrels to be sold to the US in the first tranche.
Importance
Level 1
- Sanctioned oil that would have gone to China and others is going to be rerouted to the US, proceeds will thereafter benefit the US and Venezuela.
- No sale price has been touted regarding the sale.
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