Spanish oil company Repsol and Italy’s Eni will begin shipping Venezuelan oil to Europe as early as July, five people familiar with the matter told Reuters. This will resume the oil-for-debt swaps, which were suspended two years ago, when Washington intensified sanctions against Venezuela. The oil from Venezuela is intended to help Europe ease its dependence on Russian crude.

The president of Venezuela, Nicolás Maduro, confirmed in a televised press conference that the United States had authorized Chevron, Eni and Repsol to exploit their gas and oil deposits in Venezuela. “Steps are being taken, the first steps. About a week ago, the United States took small but significant steps by granting licenses to the US company Chevron, the Italian company ENI and Repsol,” he said. But while Chevron has been allowed to resume operation in the country, it has not yet been authorized to export oil to the US.

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(source El Pais)