Easing of Venezuela sanctions on direct oil supply to US is in focus

In an attempt to ramp up oil supplies considering the US move to ban Russian imports, Reuters now reports that US officials have demanded Venezuela supply at least a portion of oil exports to the United States.

The request comes as part of any agreement to ease oil trading sanctions on the OPEC member nation, two people close to the matter said, Reuters reported. 

''US President Joe Biden on Tuesday banned US imports of Russian oil in retaliation for the invasion of Ukraine, ramping up economic pressure on a key Venezuelan ally.''

''US diplomats have worked to find energy supplies worldwide that can help compensate for the disruption to Russian oil and gas exports caused by sanctions or war. US officials met Venezuelan President Nicolas Maduro in Caracas for the first bilateral talks in years on Saturday.''

Meanwhile, oil prices rallied again on Tuesday, adding another 5% to score $128 per barrel on the US import ban on Russia. Britain said it will also phase out Russian imports by year-end. Additionally, ''the European Commission set out a plan Tuesday to reduce European dependence on Russian natural gas by two-thirds this year and eliminate it before the end of the decade.

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