US Allows Major Oil Companies to Resume Energy Production in Venezuela

Energy Secretary Chris Wright said he expected sales of Venezuelan oil would total $5 billion in the coming months.

The refinery El Palito in Puerto Cabello, Carabobo state, Venezuela, on Jan. 22, 2026. Ronaldo Schemidt/AFP via Getty Images

Major oil companies can resume operations in Venezuela after the U.S. government loosened its restrictions on the Latin American nation’s energy industry.

The Treasury Department’s Office of Foreign Assets Control issued a broad license on Feb. 13 permitting BP, Chevron, Eni, Shell, and Repsol to restart their oil and gas operations in Caracas.