All About Venezuelan Oil and the New Opportunities Created by President Trump
by Antonio Graceffo Feb. 21, 2026
The Trump administration has launched a series of actions to advance the President’s plan to reopen and modernize Venezuela’s oil industry, positioning U.S. companies to play a central role in its redevelopment. Through new general licenses issued by the Treasury Department’s Office of Foreign Assets Control, Washington is expanding U.S. participation in Venezuela’s oil and gas sector while establishing oversight mechanisms to ensure revenues are managed transparently.
On January 29, OFAC issued General License 46, authorizing U.S.-incorporated firms to market Venezuelan oil globally, including in the United States. Payments must be made on commercially reasonable terms and deposited into U.S.-based accounts overseen by the Departments of State and Treasury to ensure funds benefit the Venezuelan people rather than corrupt actors. General License 48, issued February 10, permits U.S. companies to provide goods, equipment, and services to repair and upgrade Venezuela’s oil and gas infrastructure.
Venezuela holds some of the world’s largest proven oil reserves, but years of political instability, corruption, economic mismanagement, chronic underinvestment, and international sanctions have severely degraded its energy sector. The administration argues that reopening the industry will increase production, modernize infrastructure, strengthen U.S. supply lines within the Western Hemisphere, and support Venezuela’s broader economic recovery.
The strategic timing is significant. As Mexico redirects more of its heavy crude to domestic refining, imports of Mexican Maya crude to the U.S. Gulf Coast are expected to decline. Gulf Coast refineries are specifically designed to process heavy crude, historically sourced from Canada, Mexico, and Venezuela. This creates an opening for increased Venezuelan supply.
https://www.thegatewaypundit.com/2026/02/all-about-venezuelan-oil-new-opportunities-created-president/
