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U.S. waives Venezuela oil sanctions as Trump signals visit
U.S. waives Venezuela oil sanctions as Trump signals visit
U.S. President Donald Trump said on Friday (February 13, 2026) he planned to visit Venezuela and reiterated satisfaction with its interim leader, as his administration authorised five major oil companies to operate in the country.
"I'm going to make a visit to Venezuela," Mr. Trump told reporters on Friday (February 13, 2026), while adding that the date had not been decided.
The comments followed a visit to Caracas by Mr. Trump's energy secretary earlier this week and came as his administration cleared away additional U.S. sanctions that have blocked oil industry investment in the South American country.
On Friday (February 13, 2026), the Treasury Department's Office of Foreign Assets Control (OFAC) granted general licenses to BP, Chevron, Eni, Repsol and Shell "authorising transactions related to oil or gas sector operations in Venezuela," with certain conditions.
The oil industry has expressed interest in the petroleum-rich country, while cautioning that the timeframe for investment depended on having clear rules after expropriations by earlier governments.
Watch: US Energy Secretary visits Venezuela in major oil policy shift
The two-page general license issued by OFAC requires any payments in oil and gas royalties go to accounts designated by the U.S. Treasury Department, which is consistent with Trump administration statements that Washington will manage assets in custody for the benefit of Venezuela.
Mr. Trump and top appointees like Energy Secretary Chris Wright have been blunt in characterising Washington as a party controlling Venezuela's oil resources for the foreseeable future.
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A second OFAC license issued on Friday (February 13, 2026) permits companies to negotiate for potential contracts "for certain investment in Venezuela." However, the U.S. agency will continue to bar participation by several countries, including China, Iran and Russia.
"These general licenses invite American and other aligned companies to play a constructive role in supporting economic recovery and responsible investment," said a Trump administration media note that characterised the OFAC move as part of Trump's commitment to "rapidly" reopen the oil industry.
Also Read | Pressure points: On Trump seeking Venezuela’s oil without costs of occupation
The United States is committed to restoring Venezuela's prosperity, safety, and security for the benefit of both the American and Venezuelan people.
Separately, the State Department announced Friday that it has sent more than six tons of medical supplies to Venezuela to help stabilise the country.
On Wednesday (February 11, 2026), Mr. Wright became the highest-ranking U.S. official to visit the country since Mr. Trump ordered the seizure of socialist leader Nicolas Maduro on January 3, 2026 on allegations of drug trafficking and other crimes.
Mr. Wright met with interim leader Delcy Rodriguez, who has won high praise from the Trump administration for her cooperation thus far, which has included a quick passage of legal reforms to the Venezuelan oil sector.
Mr. Wright said Wednesday (February 11, 2026) that the U.S. oil embargo on Venezuela, in place since 2019, was "essentially over."
Mr. Wright called for a "dramatic increase" in Venezuela's production of oil, natural gas and electricity which would improve "the job opportunities, the wages and the quality of life" of all Venezuelans.
"We welcome the recent actions by the Administration," said a spokesperson for Chevron, which has been the only U.S. company to remain in Venezuela after departures by ExxonMobil and ConocoPhillips.
The new general licenses, coupled with recent changes in Venezuela's Hydrocarbons Law, are important steps toward enabling the further development of Venezuela's resources for its people and for advancing regional energy security.
Eni is "currently assessing the opportunities it opens up, as part of an ongoing and constructive dialogue with the U.S. authorities," the Italian company told AFP.
Repsol declined to comment.
Venezuela produced 1.2 million oil barrels per day in 2025 -- up from a historic low of about 360,000 in 2020 -- but still far from the 3.0 million bpd it was pumping 25 years ago.
Published - February 14, 2026 06:37 am IST
U.S. action on Venezuela / Donald Trump / economic sanction / oil and gas - upstream activities
Source: TheHindu
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