Venezuela has prepared the first batch of oil for Europe

June 19, 2022 by No Comments

Venezuela has prepared 650 thousand barrels of oil for shipment to Europe, the cargo is insured by the Italian company Eni. It is reported by Reuters with reference to the center for data analysis and financial market infrastructure Refinitiv Eikon.

According to the agency, this is the first export of crude oil to Europe from Venezuela, which is under US sanctions, in two years. A second tanker is already on its way to Venezuela and is scheduled to be loaded with 2 million barrels of oil this month.

Part of the cargo may be sold to the Spanish company Repsol.

In June, the US State Department gave permission to two companies, Italy’s Eni and Spain’s Repsol, to ship oil from Venezuela to Europe. The decision was made against the backdrop of restrictions on oil supplies from Russia adopted by the European Union (EU). The State Department allowed the two companies to transport Venezuelan oil to Europe in exchange for outstanding Caracas debts and deductions from dividend costs.

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