The US Treasury today announced an extension of the general license allowing certain transactions with Venezuelan state oil company PDVSA until November 15, 2024.

This extension comes just six months after the United States reimposed strict sanctions on the Venezuelan oil sector.

The general license aims to facilitate the liquidation of the business of American companies operating in Venezuela, and the companies covered by the extension include several Venezuelan companies such as Halliburton, Schlumberger, and Baker Hughes Holdings.

It is noteworthy that the US sanctions on Venezuela have greatly affected the country's economy, causing fuel shortages and the collapse of the national currency.

The General License extension seeks to mitigate some of these effects by allowing U.S. companies to continue some essential activities in Venezuela.