Citgo Petroleum's Breathing Room Extended by U.S.

The United States has granted a reprieve to Citgo Petroleum by extending a vital license that prevents creditors from seizing its assets. This move gives the Venezuela-owned refiner more time to strategize and manage its finances.

The decision, publicized on Monday via the U.S. Treasury Department's website, extends the protection until June 19. This extension offers Citgo much-needed stability as it navigates complex financial issues and potential creditor claims.

Experts say this protection will allow Citgo to continue its operations without the immediate threat of creditor actions, providing breathing room for its Venezuelan owners to negotiate and plan their next steps.

(With inputs from agencies.)