US Lifts Venezuela Oil Sanctions
Analysis based on 10 articles · First reported Feb 13, 2026 · Last updated Feb 14, 2026
The lifting of US oil sanctions on Venezuela is expected to significantly boost Venezuela's oil production and attract substantial foreign investment from major oil companies. This development is broadly positive for the global energy market, potentially increasing supply and stabilizing prices, while also improving the economic outlook for Venezuela.
US President Donald Trump announced plans to visit Venezuela and expressed satisfaction with its interim leader, Delcy Rodriguez. His administration, through the Treasury Department's United States===Office of Foreign Assets Control (OFAC), authorized five major oil companies—BP, Chevron Corporation, Eni, Repsol, and Shell plc—to operate in Venezuela's oil and gas sector by granting general licenses. This move effectively ends the US oil embargo on Venezuela, in place since 2019. The licenses allow these companies to engage in transactions related to oil and gas operations and negotiate for potential contracts, with the condition that royalty payments go to US Treasury-designated accounts. US Energy Secretary Chris Wright visited Caracas, met with Delcy Rodriguez, and called for a 'dramatic increase' in Venezuela's oil, natural gas, and electricity production. The US also sent medical supplies to Venezuela. However, OFAC will continue to bar participation from countries like China, Iran, and Russia in certain investments.
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