The United States on Wednesday announced that it will be reimposing sanctions on Venezuelan oil after the government had conceded that the South American country had not gotten close enough to free and fair elections.

Venezuela's loss of a key U.S. license that allowed it to export oil to markets around the world and secure investment is expected to hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.

U.S. officials say that President Nicolás Maduro has not upheld his end of the bargain to allow free and fair elections.