US Clears Way for Global Oil Giants to Resume Operations in Venezuela
Washington D.C., Saturday, 14 February 2026.
Following Maduro’s removal, Washington authorizes global majors to restart Venezuelan production, projecting $5 billion in near-term sales while strictly excluding Russian and Chinese participation.
From Military Capture to Economic Re-engagement
While President Trump was at Fort Bragg yesterday formally recognizing the Special Forces units responsible for the capture of Nicolás Maduro—a visit underscoring the military enforcement of the administration’s “Donroe Doctrine” [https://wsnext.com/84e6196-Geopolitics-Defense/]—the Treasury Department was quietly executing the doctrine’s economic phase. On Friday, February 13, the United States significantly accelerated its re-engagement with Venezuela, issuing general licenses that effectively dismantle the core of the oil embargo in place since 2019 [1][2]. This regulatory pivot allows global energy majors to immediately resume operations, aiming to stabilize global supply while directing revenue streams through strictly U.S.-controlled financial channels [1].
A New Regulatory Architecture
The Treasury’s Office of Foreign Assets Control (OFAC) has granted broad authorization for specific international oil giants—including Chevron, BP, Eni, Shell, and Repsol—to operate oil and gas projects within the OPEC nation [1][2]. This move follows the issuance of General License 48 earlier this week, which authorizes upstream activities such as exploration and production, alongside General License 46A, which covers downstream commercialization and trade [3][5]. Crucially, these licenses align with Venezuela’s own recent reform of its Hydrocarbons Law, passed in January 2026, which granted new autonomy to foreign producers to encourage private capital investment [1][5]. However, the liberalization is not universal; the authorization explicitly prohibits any transactions with companies based in Russia, Iran, or China, effectively locking Washington’s geopolitical rivals out of the Venezuelan energy sector [1][4].
Financial Controls and Controversy
The administration has constructed a rigid financial cordon around these new revenue streams. Under the terms of the new licenses, all royalty payments and taxes owed to the Venezuelan state must be deposited into the “Foreign Government Deposit Fund,” a mechanism controlled directly by the United States [1][4]. Furthermore, contracts involving the Venezuelan government or state-run PDVSA must now specify that they are governed by U.S. law, with any dispute resolution to occur within the United States [3]. In a related development that has sparked domestic debate, U.S. Representative Gregory Meeks questioned the legal basis of routing proceeds from these oil sales through a fund in Qatar on Friday, highlighting the complex financial plumbing being installed to manage Venezuela’s economic recovery [1].
Production Outlook and Economic Impact
This regulatory shift is expected to yield immediate economic results. Energy Secretary Chris Wright, who became the highest-ranking U.S. official to visit Venezuela since the leadership change when he met with interim leader Delcy Rodriguez on February 11, declared the oil embargo “essentially over” [2]. Since Maduro’s removal on January 3, oil sales have already generated $1 billion, with projections estimating an additional $5 billion in revenue over the coming months [1]. The production capacity of the country has also seen a dramatic recovery even prior to this latest easing; Venezuela produced 1.2 million barrels per day in 2025, a massive increase of 233.333% from the 360,000 barrels per day recorded in 2020 [2].
Summary
As the White House prepares for a potential Presidential visit to Caracas [2], the strategy is clear: utilize American and allied corporate power to rebuild Venezuela’s infrastructure while maintaining strict financial oversight. The State Department has complemented this commercial re-opening with humanitarian gestures, delivering over 5.4 tonnes of medical supplies to the country this weekend [2]. By tethering Venezuela’s oil wealth to U.S. legal and financial jurisdiction, Washington is betting that economic integration will succeed where years of isolation failed.