On Friday, U.S. President Donald Trump lifted sanctions on Venezuelan oil, officially paving the way for major international energy corporations to return to the South American nation.
The Office of Foreign Assets Control (OFAC) has granted a general license permitting companies like Repsol, Chevron, BP, Eni, and Shell to resume their exploration, production, and marketing of crude oil and gas, as reported by El Mundo.
This move marks the most significant easing of sanctions since they were imposed in 2019. It follows the January 3 arrest of Nicolás Maduro, orchestrated by Trump through a military operation that drastically altered Venezuela's political landscape.
Since then, Washington has overseen the transition process and monitored the primary financial flows related to oil.
According to U.S. Energy Secretary Chris Wright, Venezuelan crude sales have already generated $1 billion since Maduro's departure, with an additional $5 billion anticipated in the coming months.
U.S. authorities indicate that these revenues will remain under Washington's supervision until a "representative government" is established in Venezuela.
The decision clears the regulatory uncertainty that had previously hindered international oil giants, despite favorable signals from the White House in recent weeks.
Prior to this, licenses issued by the U.S. Treasury were confined to U.S.-based trading firms, leaving key European players out of the equation.
On January 9, Trump convened top executives from the global energy sector at the White House. Repsol's CEO, Josu Jon Imaz, was the only Spanish attendee and emphasized the need to mobilize at least $100 billion to revitalize Venezuela's struggling oil industry.
Beyond the new political backdrop, this measure also addresses a longstanding debt that Caracas owes to several of these companies.
Given Venezuela's state liquidity issues, some of these obligations have been settled with crude deliveries, a method that could now expand with the formal lifting of restrictions.
Implications of U.S. Lifting Sanctions on Venezuelan Oil
Why did the U.S. lift sanctions on Venezuelan oil?
The U.S. lifted the sanctions to allow major energy companies to resume operations in Venezuela, following a significant political shift after the arrest of Nicolás Maduro.
What companies are affected by this decision?
The decision affects major energy corporations like Repsol, Chevron, BP, Eni, and Shell, which can now resume their operations in Venezuela.
How will the revenues from Venezuelan oil be managed?
The revenues from Venezuelan oil sales will be overseen by Washington until a representative government is established in the country.