00:00The U.S. takes further steps to ease restrictions on Venezuela's oil industry,
00:05expanding access for American companies.
00:08In a move announced by the U.S. Treasury Department,
00:11a new license allows certain transactions with Venezuela's government
00:15and its state-owned oil company, Petróleos de Venezuela S.A.
00:23Deauthorization permits the supply of goods, technology and software needed
00:27for oil and gas exploration, development and production.
00:32Additional licenses have also been granted.
00:35One allows transactions necessary for port and airport operations,
00:39while another permits specific activities involving oil of Venezuelan origin.
00:44Venezuela has been under U.S. sanctions since 2019.
00:49Despite those restrictions, the country holds roughly one-fifth of the world's proven oil reserves
00:54and was once a major supply of crude oil to Washington.
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