( MENAFN - The Rio Times) In the competitive global oil industry, firms in Venezuela urgently seek U.S. licenses to maintain operations beyond May 31. As sanctions are reinstated, these companies flood the U.S. Treasury's Office of Foreign Assets Control (OFAC) with permit applications. Each project requires a specific license, causing a backlog and risking legal or contractual violations for some firms. Industry leaders like Repsol SA and Eni SpA are at the forefront, while trading companies experience slower processing. Recently, the U.S. allowed General License 44 to expire, pressuring oil companies to obtain new permissions or cease operations. This change endangers both new investments and existing projects, illustrating the volatile nature of international trade amid political tensions. Furthermore, the U.S. strategically employs sanctions to push Venezuela towards more democratic elections in July.