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State-run Oil and Natural Gas Corporation (ONGC) is set to step up its activities in Venezuela after receiving a licence from the US Treasury's Office of Foreign Assets Control (OFAC), removing the sanctions-related restrictions that had limited the company's operations in the country.
India reaffirmed it remains open to sourcing crude oil from Venezuela and other regions based on commercial viability. MEA spokesperson Randhir Jaiswal highlighted Venezuela as a long-standing energy partner, noting India's pragmatic, market-driven approach to securing crude supplies.
Following Maduro's capture, uncertainty surrounds Venezuela's leadership. Vice President Rodriguez initially took the acting role, but Maduro's allies, including Cabello, maintain control. The power structure relies on a civilian-military balance, with Cabello's influence over intelligence agencies and the military being central. Many generals profit from illicit activities.
Oil tanker movements into and out of Venezuelan waters have almost come to a standstill, Al Jazeera's sources stated, after the US announced that it would seize more vessels as part of its military pressure on Venezuela's President Nicolas Maduro.
Just a day after President Donald Trump stated that the US has seized a 'very large' oil tanker off the coast of Venezuela, the Department of the Treasury on Thursday (local time) imposed sanctions on three nephews of Venezuela's First Lady Cilia Flores and six shipping companies linked to the country's oil sector, targeting individuals and entities associated with President Nicolas Maduro as Washington continues its pressure campaign on the latin american counrty.
