“I’m going to make a visit to Venezuela,” Trump told reporters on Friday, while adding that the date had not been decided.
On Friday, the Treasury Department’s Office of Foreign Assets Control (OFAC) granted general licences to BP, Chevron, Eni, Repsol and Shell authorising transactions related to oil or gas sector operations in Venezuela, with certain conditions.
The two-page general license issued by OFAC requires any payments in oil and gas royalties go to accounts designated by the US Treasury Department, which is consistent with Trump administration statements that Washington will manage assets in custody for the benefit of Venezuela.
“These general licenses invite American and other aligned companies to play a constructive role in supporting economic recovery and responsible investment,” said a Trump administration media note that characterised the OFAC move as part of Trump’s commitment to “rapidly” reopen the oil industry.
“We welcome the recent actions by the Administration,” said a spokesperson for Chevron, which has been the only US company to remain in Venezuela after departures by ExxonMobil and ConocoPhillips.”
The country produced 1.2 million oil barrels per day in 2025 – up from a historic low of about 360,000 in 2020 – but still far from the 3.0 million bpd it was pumping 25 years ago. (AFP)
