On Friday, US authorities granted licenses enabling five major oil companies—BP, Chevron, Eni, Repsol, and Shell—to conduct oil and gas operations in Venezuela. This action was taken by the Office of Foreign Assets Control (OFAC) within the Treasury Department and allows for specified transactions related to the oil sector under certain conditions. The move is part of the broader strategy of the Trump administration to increase production following the overthrow and capture of Venezuelan President Nicolás Maduro.

The decision comes in the wake of heightened political unrest in Venezuela, particularly after the transition of power initiated by opposition leader Delsy Rodríguez following Maduro's ousting on January 3. This new authorization indicates a shift in US policy towards Venezuela, aiming to bolster the energy sector while supporting opposition efforts against the existing regime. It reflects a strategic interest in stabilizing the oil market and reviving foreign investments in the heavily sanctioned Venezuelan economy.

The implications of this decision are significant both for Venezuela and for the global oil market. If these companies can successfully operate within Venezuela, it may lead to an increase in oil production, which can alter global oil prices. Additionally, the collaboration between the US government and Venezuelan opposition could signal a more proactive stance in supporting regime change, influencing international relations and energy strategies across the region.