[REVISION HISTORY]

Venezuela oil sanctions ease, output and deals expand

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-11 02:01 UTC → 2026-08-17 23:39 UTC · added ~~removed~~

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,~~ billion. By the ~~highest first-semester level since 2015. Venezuelan exports to~~ week ending August 7, Venezuela emerged as the ~~U.S. rose 159% year-on-year to $6.565 billion, with energy products accounting for approximately 98% of that total. In July 2026,~~ second-largest crude oil ~~shipments~~ supplier to ~~the~~ U.S. ~~averaged 786,000~~ refineries, averaging 743,000 barrels per ~~day, the highest volume since early 2019. While exports surged—up 69% year-on-year in July—investors remain cautious regarding decaying infrastructure, political uncertainty,~~ day and surpassing Mexico. Despite a June ~~earthquake.~~ 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.

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