U.S. officials are preparing to issue a general license that would lift parts of the sanctions regime on Venezuela’s energy sector, signaling a significant shift in Washington’s approach as it seeks to revive oil flows and attract rapid investment, according to sources familiar with the matter.
The planned move would replace an earlier strategy of granting individual exemptions to companies, a process that has become bogged down by the sheer volume of applications from firms eager to resume or expand operations in the OPEC member state. The change follows the U.S. capture of Venezuelan President Nicolás Maduro earlier this month, after which American officials said sanctions would be eased to enable a $2 billion oil supply agreement between Caracas and Washington and to support a far-reaching $100 billion reconstruction plan for Venezuela’s battered oil industry.
In recent weeks, numerous partners and customers of state oil company PDVSA, including Chevron, Repsol, ENI, India’s Reliance Industries and several U.S. oilfield service providers, have sought individual licenses to boost production or exports. According to sources, the flood of requests has slowed progress on expanding shipments and unlocking fresh investment, undermining Washington’s push for quick results.
Under the administration of former president Joe Biden, a broad license had previously allowed many foreign companies to export Venezuelan crude despite U.S. sanctions, helping lift output and shipments until early last year. That policy was reversed after President Donald Trump began his second term, revoking the authorization to tighten pressure on Maduro and ordering companies to wind down their dealings. In December, the administration escalated its stance by imposing a blockade on sanctioned vessels entering or leaving Venezuela, a move that slashed exports to about 500,000 barrels a day, roughly half of the country’s 2025 average.
Exports have begun to recover in recent weeks after trading houses Vitol and Trafigura secured the first new licenses to ship up to 50 million barrels of Venezuelan oil to the United States and other markets. The anticipated general license is expected to broaden that relief, reducing bureaucratic hurdles and offering greater certainty to investors.
At the same time, Venezuela is moving to overhaul its domestic legal framework. Lawmakers last week approved an initial vote on sweeping reforms to the country’s main oil law designed to encourage foreign investment, raise output and expand exports. Sources said final approval by the National Assembly could come as soon as next week, potentially aligning domestic reforms with Washington’s sanctions rollback.
Neither the U.S. Treasury Department nor the White House, and nor Venezuela’s oil ministry, responded immediately to requests for comment. If implemented, the general license would mark one of the most consequential shifts in U.S.-Venezuela energy policy in years, reshaping the country’s oil prospects after a prolonged period of isolation and decline.
