The US has granted licenses to five major oil companies to operate in Venezuela amid efforts to increase oil production following the overthrow of President Nicolás Maduro.
On Friday, September 13, U.S. authorities issued licenses allowing five major oil companies — BP, Chevron, Eni, Repsol, and Shell — to resume operations in Venezuela's oil sector. This decision coincides with the Trump administration's efforts to boost oil production following the ousting and arrest of Venezuelan President Nicolás Maduro. The licenses, issued by the Office of Foreign Assets Control (OFAC) within the Treasury Department, permit transactions related to oil or gas operations in Venezuela under specific conditions.
The move to authorize these licenses highlights the U.S. government's strategic interest in revitalizing oil production in Venezuela, a country that holds one of the largest oil reserves globally. With the interim government led by Delcy Rodríguez, the U.S. aims to work closely with local authorities after Maduro's removal on January 3. This collaboration underlines a shift in U.S. foreign policy focusing on economic engagement rather than isolation tactics, reflecting a potential pathway to stabilize the Venezuelan oil market.
However, the implications of these licenses are significant in terms of international relations and regional stability. The return of major oil companies could lead to increased foreign investment and economic development in Venezuela, which has suffered severe economic decline in recent years. Nevertheless, the ongoing political situation remains delicate, and the effectiveness of these licenses in restoring stability and productivity in Venezuela’s oil sector remains to be seen.
