A fisherman stands by the sea as a tanker is docked at the El Palito refinery pier, in Puerto Cabello, Carabobo state, Venezuela on Jan. 22, 2026. Ronaldo Schemidt /AFP via Getty Images
The United States, on March 13, moved to ease sanctions on Venezuela to allow imports of petrochemical products and investments in Venezuela’s oil industry amid rising commodity prices due to the war in Iran.
The U.S. Treasury Department issued a license allowing the sale of Venezuelan oil and petrochemical products, including fertilizer and its precursor chemicals, for import into the United States.
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