# Venezuela oil sanctions ease, output and deals expand > Live situation record from CLSTR: https://clstr.news/situations/venezuela-oil-sanctions-and-foreign-deals > Updated: 2026-08-09T18:18:33.000Z. Sources: 32. Developments: 7. Following the easing of U.S. sanctions, Venezuela's oil sector is seeing a significant surge in foreign investment and trade. In June 2026, India’s ONGC sought a U.S. Treasury license to acquire stakes in the San Cristóbal and Carabobo-1 fields. By July, PDVSA began securing direct crude-sale contracts with major refiners—including Phillips 66, Valero, Reliance Industries, Tipco Asphalt, Maurel & Prom, Repsol, and Eni—effectively bypassing traditional commodity traders Vitol and Trafigura to increase net sale prices. Investment interest has expanded to include U.S.-based Pacific Coast Energy, which is finalizing a deal for a majority stake in two Petrodelta joint venture blocks, and Canadian firm New Stratus Energy, which is evaluating five potential acquisitions. Acting President Delcy Rodríguez has also announced 30 investment agreements across the hydrocarbon, electricity, mining, and tourism sectors. At a London energy conference in August, Apertura Energy CEO Greig Gilbert stated “the time is now” for investing in the country, noting that reforms allow private firms to hold larger stakes and operate fields directly. Bilateral trade between the U.S. and Venezuela grew 113% in the first half of 2026, reaching over $9.5 billion. By the week ending August 7, Venezuela emerged as the second-largest crude oil supplier to U.S. refineries, averaging 743,000 barrels per day and surpassing Mexico. Despite a June earthquake, infrastructure and electrical systems have reportedly stabilized. This recovery is highlighted by the joint venture Petropiar S.A., involving Chevron, securing rights to reactivate operations in the Orinoco Oil Belt. Additionally, BP has signed agreements to develop sectors of the Loran field to tap into Venezuela’s significant associated gas reserves. ## Claims - Bilateral trade between Venezuela and the United States reached $9.528 billion in the first half of 2026. (disputed by 9 sources) - Venezuela achieved a trade surplus of $3.602 billion during the first half of 2026. (disputed by 4 sources) - Trade between Venezuela and the United States grew by 113% in the first half of 2026 compared to the same period in 2025. (corroborated by 9 sources) - Venezuela's exports to the United States totaled $6.565 billion in the first half of 2026, a 159% increase from the previous year. (corroborated by 9 sources) - Oil and refined products accounted for approximately 98% of Venezuelan exports to the United States in the first half of 2026. (corroborated by 8 sources) - Imports from the United States to Venezuela reached $2.963 billion in the first half of 2026. (corroborated by 7 sources) - Texas received 43% of the Venezuelan crude imported to the United States. (corroborated by 2 sources) - Louisiana received 39% of the Venezuelan crude imports, while Mississippi received 14% and Delaware 4%. (corroborated by 2 sources) - Non-oil exports to the United States fell by 15.83% in the first half of 2026. (corroborated by 2 sources) - U.S. imports of Venezuelan crude rose from about 110,000 barrels per day in January to roughly 575,000 barrels per day in June. (single source) - U.S. forces seized Venezuelan President Nicolás Maduro in January and he was taken to a New York jail. (single source) - Texas refineries can process about 3.6 million barrels per day of heavy crude, enabling them to handle Venezuelan oil. (single source) ## Timeline ### 2026-08-09: Venezuela-US trade grows 113% in H1 2026 driven by oil Trade between Venezuela and the U.S. grew 113% in H1 2026 to $9.5 billion, driven by a 170% surge in oil exports, resulting in a $3.6 billion trade surplus for Venezuela. 10 sources. https://clstr.news/cluster/venezuela-us-trade-grows-113-in-first-half-of-year ### 2026-08-02: Venezuela oil sector draws foreign investors as sanctions ease Foreign investors, led by Apertura Energy, are targeting Venezuela's oil after US sanctions ease and reforms by acting President Delcy Rodríguez, despite infrastructure and political risks; exports rose 69% to 7 sources. https://clstr.news/cluster/venezuela-oil-sector-draws-foreign-investors-as-sanctions-ease ### 2026-07-28: Texas refineries dominate Venezuelan oil imports to U.S. Gulf Coast Texas takes 43% of Venezuelan oil imports to the U.S., with imports rising from 110k to 575k bpd as Gulf‑Coast refineries lean on heavy‑crude capacity amid the Iran‑related supply crunch. 4 sources. https://clstr.news/cluster/texas-refineries-dominate-venezuelan-oil-imports-to-us-gulf-coast ### 2026-07-22: Venezuela’s PDVSA Secures Direct Crude Deals with Global Refineries, Cutting Out Vitol and Trafigura PDVSA is shifting to direct crude sales with refiners like Phillips 66, Reliance, Valero and European firms, reducing reliance on Vitol and Trafigura. 2 sources. https://clstr.news/cluster/venezuelas-pdvsa-secures-direct-crude-deals-with-global-refineries-cutting-out-vitol-and-trafigura ### 2026-07-21: Venezuela ramps up oil output and lands direct crude contracts as US sanctions ease Venezuela lifts oil output, secures direct crude contracts and eases U.S. sanctions, while $13 bn in U.S. oil revenues lack transparency. 13 sources. https://clstr.news/cluster/venezuelas-pdvsa-secures-direct-crude-sales-under-us-sanctions-waiver ### 2026-07-20: Venezuela reaches oil agreements with US Pacific Coast Energy and Canadian New Stratus Pacific Coast Energy is finalising a PDVSA deal to take majority stakes in two Petrodelta blocks, while Canadian New Stratus Energy is exploring five oil‑and‑gas asset acquisitions in Venezuela, funding due‑dil 2 sources. https://clstr.news/cluster/venezuela-reaches-oil-agreements-with-us-pacific-coast-energy-and-canadian-new-stratus ### 2026-06-25: India's ONGC seeks US license to acquire PDVSA stakes in Venezuela oil fields India's state‑run ONGC is negotiating to buy PDVSA's stakes in Venezuela's San Cristóbal and Carabobo‑1 oil fields, pending a US Treasury OFAC licence that would let it become sole operator of San Cristóbal and 2 sources. https://clstr.news/cluster/indias-ongc-seeks-us-license-to-acquire-pdvsa-stakes-in-venezuela-oil-fields --- Cite as: Venezuela oil sanctions ease, output and deals expand. CLSTR, https://clstr.news/situations/venezuela-oil-sanctions-and-foreign-deals