The admin laid the groundwork for this over a month ago sending people to VZ for discussions. The blowback at the time was on the US taking the oil. I was thinking the EU would take the oil.
The link’s headline:
Exclusive: U.S. to let Eni, Repsol ship Venezuela oil to Europe for debt - sources
Also the Biden GCC trip has been pushed back to July. This will have a major impact on oil production in the gulf.
I can only speculate that the timing coincides with talks between DC and Iran. Taking rhetoric off the table against Iran as an agreement MIGHT be reached....the real sticking point being in the US senate where 41 votes are needed to accept an agreement with Iran. Currently 16 Democrats not in support.
The reasons for the delay are probably ultra complex. This includes Biden not just visiting SA and Israel but adding other gulf states to the list.
[https://www.nbcnews.com/politics/white-house/white-house-pos...](https://www.nbcnews.com/politics/white-house/white-house-postpones-biden-trips-saudi-arabia-israel-rcna31951)
What capacity does Europe have to refine heavy oil? — Who said the Italian and Spanish companies would only head to European areas with the oil?
Sounds like it.
www.usnews.com/news/top-news/articles/2022-06-05/exclusive-u…
A key condition, one of the people said, was that the oil received “has to go to Europe. It cannot be resold elsewhere.”…The authorizations came last month, but details and resale restrictions have not been reported previously…
About that time [last month] the U.S. State Department secretly sent letters to Eni and Repsol saying Washington would “not object” if they resumed oil-for-debt deals and brought the oil to Europe…