United States issues new licenses for Venezuela's oil, gas and mining sectors

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) released a new package of general licenses on June 10, updating and replacing those issued in February and March 2026. The licenses (46C, 47A, 48B, 50B, 51B, 52A and 54A) broaden authorized activities for Venezuelan petroleum, petrochemical and mining operations. They permit the export of U.S. diluents, equipment, software and services to Venezuela, as well as the export, transport and sale of Venezuelan crude oil, refined products, petrochemicals and minerals such as gold. Major energy firms—including Chevron, Shell, BP, Repsol, Eni and Maurel & Prom—are specifically listed under License 50B. The measures also allow U.S. and allied companies to provide shipping, marine insurance and logistics support for Venezuelan trade. Restrictions remain on dealings with entities tied to Russia, Iran, Cuba, North Korea and Chinese‑controlled firms, and the bans on blocked vessels, gold payments and cryptocurrency transactions stay in force. The licensing framework aims to ease long‑standing U.S. sanctions on Venezuela, encouraging Western participation in the country’s energy sector while limiting the influence of geopolitical rivals. Separately, Venezuela’s national commerce council has floated the idea of a U.S.–Venezuela free‑trade agreement to diversify exports beyond oil, though no agreement has been reached.