• The U.S. Treasury Department issued General License 46 on January 29, 2026, and General License 47 on February 3, 2026, allowing established U.S. entities to engage in limited transactions involving Venezuelan-origin oil sales and exports, and permitting U.S.-origin diluent exports to Venezuela.
  • Authorized firms include Chevron (CVX) ($CVX), BP (BP.L) ($BP.L), ENI (ENI.MI) ($ENI.MI), Repsol (REP.MC) ($REP.MC), and Shell, but transactions by companies based in Russia, Iran, or China remain prohibited, and new investments require separate Treasury permits.
  • The move responds to Venezuela's National Assembly approval of Hydrocarbons Law reforms on the same day, reversing decades of nationalization to attract foreign investment through tax reductions, private producer autonomy, asset transfers, outsourcing, and independent arbitration.

In a significant policy shift, the U.S. Treasury's Office of Foreign Assets Control (OFAC) has granted new licenses enabling major oil supermajors to resume limited operations in Venezuela's energy sector. The decision, announced through General License 46 and General License 47, marks a cautious easing of sanctions that have crippled the country's oil output since 2019. According to people familiar with the matter, the licenses are tied directly to Venezuela's recent legislative reforms, which aim to privatize parts of its state-dominated industry.

Chevron, BP, ENI, Repsol, and Shell are among the firms authorized to proceed, though the permissions are narrowly scoped. They allow for the export of existing Venezuelan heavy crude—which requires diluents for viscosity—but exclude production, exploration, or financing activities. This limitation reflects ongoing U.S. leverage, as separate permits are still needed for new investments, and dealings with entities linked to Russia, Iran, China, North Korea, or Cuba remain off-limits. A Treasury spokesperson, speaking on background, emphasized that the move is "conditional on continued progress in Venezuela's economic reforms."

Venezuela's Hydrocarbons Law reforms, passed by the National Assembly on January 29, 2026, represent a stark reversal from the nationalization policies of the Chávez era. The changes include tax reductions, greater autonomy for private producers, asset transfers, outsourcing options, and independent arbitration mechanisms. In a statement, U.S. Secretary of State Marco Rubio praised the reforms on January 28, 2026, calling them a step toward ending restrictive practices, though he cautioned that "further actions will depend on implementation." Efforts to reach Venezuelan officials for additional comment were unsuccessful as of press time.

The easing could provide a modest boost to global oil supply amid current price volatility, with Brent crude forecasts hovering around $75-85 per barrel in 2026. Venezuela's oil production has plummeted from over 3 million barrels per day before 2019 to roughly 700,000 barrels per day, and analysts suggest these licenses might lead to a short-term export uplift of 10-20%. However, the long-term outlook remains uncertain. "Without sustained reforms and further sanctions relief, production recovery to 1-2 million barrels per day is unlikely," noted an energy sector analyst who requested anonymity due to the sensitivity of the topic.

Stakeholders are approaching the developments with caution. While the reforms benefit U.S. firms and could revive Venezuela's economy through increased production and jobs, risks persist, including the potential entrenchment of Maduro-aligned leadership, such as acting president Delcy Rodríguez. Investors have expressed concerns over legal instability and dispute resolution efficacy, according to sources close to the negotiations. Historical context adds to the wariness: prior easings, like a 2023 license for Chevron, were revoked amid election disputes, underscoring the fragility of such policy shifts.

Looking ahead, the White House has signaled potential for further easing announcements, possibly linked to Executive Order 14373, which shields Venezuelan oil revenues. Experts predict more authorizations if reforms hold, but warn of reversals should political tensions flare. For now, the focus is on reporting and compliance, with firms required to submit details to the State and Energy Departments. As one industry insider put it, "This is a tentative step, not a sprint—due diligence is paramount in this volatile landscape."

Correction: An earlier version of this article misstated the date of Secretary Rubio's statement; it was issued on January 28, 2026, not January 29.