Oil Daily | U.S. and Venezuela Oil Sanctions Tighten Amid Iran and Nuclear Negotiations

【Oil-Producing Countries Dynamics】

The U.S. could halt Iranian oil exports as part of increasing pressure on Tehran to prevent its nuclear weapon development. U.S. Energy Secretary Chris Wright highlighted Gulf region allies' concerns about Iran and emphasized ensuring oil supply from non-sanctioned countries. Negotiations with Iran over its nuclear program are ongoing.

Venezuelan state-owned PDVSA has revoked Chevron's crude export authorizations amid increased U.S. sanctions. The Trump Administration imposed tariffs on Venezuelan oil buyers, affecting trade with China. Licenses for Chevron, Shell, BP, and others to operate in Venezuela have been revoked, tightening restrictions on Venezuelan oil industry operations.

【Latest Oil Policies】

The European Union agreed to expand the timeframe for meeting gas storage goals to maintain flexibility and avoid price spikes. The proposal includes extending regulation by two years and allowing deviations from targets under unfavorable market conditions. The EU seeks a balance between binding targets and market adaptability.