U.S. Authorizes Export of Diluents to Boost Venezuela’s Oil Sector

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new license Tuesday authorizing the export and sale of U.S. diluents to Venezuela. Diluents are a key fuel needed to produce exportable crude oil grades in the ⁠OPEC country.

The license is the second issued by the administration of President Donald Trump after the United States took control of Venezuela’s oil exports following the January 3 U.S. law enforcement operation in Caracas that led to the capture of socialist dictator Nicolás Maduro.

Tuesday’s license authorizes export and sale operations of U.S.-made diluent to Venezuela, a key supply for the production of exportable crude oil grades, and one particularly crucial for Venezuelan crude oil given its “extra heavy” nature.

The license’s terms