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The U.S. is preparing to prioritize issuing limited licenses to operate in Venezuela to companies with existing oil production and assets over those seeking to enter the sanctioned OPEC nation for the first time, two people close to the discussions said. The move appears designed to encourage companies that have projects frozen because of U.S. sanctions, such as Italy's Eni and Spain's Repsol, to expand operations, recoup pending debt and add oil to global markets. It will, however, avoid licensing firms with no prior investments in the country, putting a cap on how much revenue Venezuela could collect from its oil industry.

United statesDistrito federalDaphne psaledakisMatt spetalnickMarianna parragaNicolas maduroMaurel promPedro tellecheaIndia reliance industriesUs treasury departmentVenezuela oilReliance industriesSouth americanState departmentOil minister pedro tellecheaVice president delcy rodriguez