Venezuela Oil Sector Rebounds as US Eases Select Economic Sanctions
• Foreign oil traders rushing to buy discounted Venezuelan crude after US eased some economic sanctions in October
• Venezuelan crude selling for 30% more than before sanctions relief; discount to Brent crude narrowed from 30% to 13%
• Additional US licenses in November explicitly allow more oil services firms to operate in Venezuela
• Financial sector gearing up for further reopening - first corporate bond issued in Caracas in 20 years
• Logical next step in sanctions relief would enable Venezuela to restructure debts and access financing