International oil prices rise, U.S. government plans to ease sanctions on Venezuela.

On March 17th local time, the US government plans to further relax sanctions on the Venezuelan oil industry to increase oil production in the context of rising oil prices due to the Iran war. The measures could be announced as early as this week, including issuing individual permits to more foreign companies to allow them to participate in Venezuelan oil business without violating US sanctions. Insiders said the move aims to boost Venezuelan crude oil production and alleviate global energy supply tensions.