Washington, United States – The United States Treasury relaxed sanctions on Venezuela’s state oil firm Petróleos de Venezuela (PdVSA), issuing a broad licence for US companies to buy its crude directly and globally, a pragmatic shift under President Donald Trump to boost supply as Middle East war blocks the Strait of Hormuz and tightens energy markets worldwide.
Okay News reports the Treasury’s Office of Foreign Assets Control statement, noting, “Under President Trump’s leadership, the United States is working in partnership with the Government of Venezuela to reopen and restore Venezuela’s energy sector,” with the licence enabling transactions to benefit both nations, support global oil availability, and spur investment in Venezuela’s vast reserves estimated at 300 billion barrels.
The move reverses 2025’s tough stance including 25 percent tariffs on Venezuelan crude buyers after Trump accused Caracas of sending gang members like Tren de Aragua to the US, following Nicolás Maduro’s capture and US vows to temporarily administer the country amid narco-terrorism charges against him and officials for cocaine trafficking ties.
Proceeds now flow to US-controlled accounts for Delcy Rodríguez’s government welfare programs, as Trump urges Chevron, ConocoPhillips, and ExxonMobil to rebuild PdVSA’s decayed infrastructure, positioning Venezuela as a key supplier while Washington stabilises its politics and energy output for mutual gain.
Global shortages from Iran conflict force flexibility, with Hormuz risks spiking prices and testing reserves, as Africa’s importers like Nigeria watch for relief from South American barrels entering free play.
, issuing a broad licence for US companies to buy its crude directly and globally, a pragmatic shift under President Donald Trump to boost supply as Middle East war blocks the Strait of Hormuz and tightens energy markets worldwide.){kind=link}