United States lifts sanctions on Venezuelan oil, Trump plans visit

(Patria) - US President Donald Trump said he plans to visit Venezuela and reiterated his satisfaction with its interim leader, as his administration has authorized five major oil companies to operate in that country, AFP reported.

"I will visit Venezuela," Trump told reporters on Friday, adding that a date has not yet been set. The comments followed a visit by Trump's Energy Secretary Chris Wright to Caracas earlier this week and came after his administration lifted additional US sanctions that had blocked oil industry investments in the South American country.

On Friday, the Treasury Department's Office of Foreign Assets Control (OFAC) issued general licenses to BP, Chevron, Eni, Repsol, and Shell, "authorizing transactions related to operations in the oil or gas sector in Venezuela," with certain conditions.

The oil industry has expressed interest in the oil-rich country, warning that the timeline for investments depends on clear rules following expropriations by previous governments. The general license issued by OFAC requires all payments of oil and gas royalties to be deposited into accounts designated by the US Treasury Department, in line with the Trump administration's statements that Washington would manage assets in custody for the benefit of Venezuela.

Trump and high-ranking officials like Secretary Wright have been open in characterizing Washington as the entity controlling Venezuela's oil resources for the foreseeable future. Another OFAC license issued on Friday allows companies to negotiate potential contracts "for certain investments in Venezuela." However, the US agency will continue to prohibit the participation of several countries, including China, Iran, and Russia.

"These general licenses invite US and other affiliated companies to play a constructive role in supporting economic recovery and responsible investment," stated a Trump administration media note that characterized the OFAC move as part of Trump's commitment to the "rapid" reopening of the oil industry.

"The United States is committed to restoring Venezuela's prosperity and security for the benefit of both the American and Venezuelan people."

Separately, the State Department announced on Friday that it had sent more than six tons of medical supplies to Venezuela to help stabilize the country.

An Important Step

On Wednesday, Wright became the highest-ranking US official to visit the country since Trump ordered the arrest of socialist leader Nicolas Maduro on January 3 for alleged drug trafficking and other crimes.

Wright met with interim leader Delcy Rodriguez, who has received high praise from the Trump administration for her cooperation so far, which included the swift adoption of legal reforms in Venezuela's oil sector.

Wright stated on Wednesday that the US oil embargo on Venezuela, in place since 2019, was "essentially over."

Wright called for a "dramatic increase" in Venezuela's oil, natural gas, and electricity production, which would improve "employment opportunities, wages, and the quality of life" for all Venezuelans.

"We welcome the administration's recent actions," said a spokesperson for Chevron, which was the only US company remaining in Venezuela after the departure of ExxonMobil and ConocoPhillips.

"The new general licenses, along with recent changes to Venezuela's Hydrocarbons Law, are important steps toward enabling further development of Venezuela's resources for its people and for advancing regional energy security."

Eni is "currently evaluating the opportunities opened up, as part of an ongoing and constructive dialogue with the US authorities," the Italian company told AFP.
Repsol declined to comment.

In 2025, Venezuela produced 1.2 million barrels of oil per day, compared to a historical low of around 360,000 in 2020, but still far from the three million barrels per day it produced 25 years ago.