US Issues License for Oil Companies to Operate in Venezuela

A fishermen in front of Petroleos de Venezuela SA oil rigs on Lake Maracaibo in Cabimas, Zulia state, Venezuela.
Source: Bloomberg

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By Jennifer A Dlouhy, Patricia Garip, Eric Martin, and Lucia Kassai

January 29, 2026 at 9:55 PM UTC

Updated on

January 30, 2026 at 2:05 AM UTC

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The Trump administration issued a general license expanding the ability of oil companies to operate in Venezuela, marking a significant step to ease sanctions under the new US-backed leadership in Caracas.