The U.S. Treasury Department has authorized American entities to conduct transactions with Petróleos de Venezuela, S.A. (PdVSA), Venezuela’s state-owned oil company. This move comes amid global tensions in oil prices, driven by the war in Iran and restrictions on transit through the Strait of Hormuz.
Easing of Sanctions
Announced by the Treasury’s Office of Foreign Assets Control, the authorization allows U.S. Companies to resume commercial and financial operations with PdVSA. The Treasury stated the license “authorizes generally all U.S. Entities established to engage in various types of transactions” with PdVSA, though specific details of the authorization were not provided. According to the Treasury, “Under President Trump’s leadership, the United States is collaborating with the Government of Venezuela to reopen and reestablish the Venezuelan energy sector.”
On Wednesday, Brent crude, the international price benchmark, rose to USD 103.7 per barrel, although West Texas Intermediate (WTI), the U.S. Benchmark, decreased by 1.5%, settling just below USD 95 per barrel.
Context of the Shift
The Treasury indicated the license aims to benefit both the United States and Venezuela, while also contributing to stabilizing the international energy market by increasing crude oil supply. The measure also seeks to encourage new investment in Venezuela’s energy sector, following years of sanctions. According to the Treasury, the measure “will help incentivize new investment in Venezuela’s energy sector,” aligning with a strategy to reactivate the country’s oil industry.
This shift in U.S. Policy follows the reestablishment of relations between the two countries, which progressed significantly after January 2026, when U.S. Forces detained former dictator Nicolás Maduro in a military operation. Weeks later, Washington recognized Delcy Rodríguez as a transitional figure.
Since the recognition of Rodríguez as interim president, trade between the two countries has resumed under direct Treasury supervision. Venezuelan oil exports are operationally managed by the United States, and revenues are channeled through accounts controlled by the Office of Foreign Assets Control, a system designed to direct resources toward economic reconstruction.
The new framework also includes opening to U.S. Investment in strategic sectors, such as energy and mining, as well as the participation of contractors in rehabilitating key infrastructure, including refineries and the electrical system. These measures are part of a redesign of the Venezuelan economic model under international supervision.
Frequently Asked Questions
What is the purpose of the U.S. Treasury’s recent authorization?
The authorization allows U.S. Entities to conduct transactions with Petróleos de Venezuela, S.A. (PdVSA) to help stabilize the global energy market and increase oil supply, particularly in light of the war in Iran and restrictions in the Strait of Hormuz.
Who is currently recognized as the leader of Venezuela by the United States?
The United States recognizes Delcy Rodríguez as a transitional figure, having recognized her after detaining Nicolás Maduro in January 2026.
How are revenues from Venezuelan oil exports being managed?
Venezuelan oil exports are being operationally managed by the United States, and the revenues are channeled through accounts controlled by the Office of Foreign Assets Control.
As the United States and Venezuela navigate this new phase of engagement, what impact will this shift in energy policy have on the broader geopolitical landscape?
