The administration of President Donald Trump lifted some sanctions on Venezuela’s oil industry on Thursday to make it easier for U.S. companies to sell its crude oil, and said more restrictions on the country would be lifted soon. The move by the Treasury’s Office of Foreign Assets Control authorizes U.S. companies to buy, sell, transport, store and refine Venezuelan crude oil, but does not lift existing U.S. sanctions on production. He has said he also wants U.S. oil companies to eventually invest $100 billion dollars to restore the OPEC-member nation’s production to its historic peaks following years of underinvestment and mismanagement. In the meantime, Washington and Caracas have already agreed an initial deal to sell 50 million barrels of Venezuelan crude oil, with European trading houses Vitol and Trafigura marketing the supply. Treasury's new authorization, known as a general license, opens up Venezuela oil trade to additional companies, provided they are from the United States.

Source: The Telegraph January 30, 2026 05:43 UTC