US seeks to control sales of Venezuelan oil ‘indefinitely’
Crude revenues to be funnelled to American banks as Washington prepares to lift some sanctions on Caracas
Crude revenues to be funnelled to American banks as Washington prepares to lift some sanctions on Caracas

President says he will control money earned from sale of up to 50mn barrels of crude

Trump is seeking to convince sceptical US oil companies to invest in Latin American nation after overthrow of Maduro

Decision marks Washington’s latest move to increase pressure on Maduro regime in Caracas

Licence allows nation’s state oil group to sell directly to American companies and on international market

Supermajor to focus on boosting production from existing operations rather than fast-track expansion, says finance chief

The country’s impact on global crude markets will remain limited in the short to medium term