TRUMP PLANS VENEZUELA VISIT AS U.S. CLEARS OIL GIANTS TO RESUME OPERATIONS

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Agency Report

U.S. President Donald Trump said Friday that he intends to visit Venezuela, signaling a major shift in Washington’s approach to the oil-rich nation as his administration authorised five global energy companies to operate there.

“I’m going to make a visit to Venezuela,” Trump told reporters, adding that no date has been fixed.

The announcement came days after U.S. Energy Secretary Chris Wright visited Caracas the highest-ranking U.S. official to do so in years — and as the administration moved to ease sanctions that had long blocked investment in Venezuela’s oil sector.

On Friday, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) granted general licences to BP, Chevron, Eni, Repsol, and Shell, authorising transactions related to oil and gas operations in Venezuela under specified conditions.

The two-page licence requires that payments for oil and gas royalties be directed to accounts designated by the U.S. Treasury Department, consistent with administration statements that Washington will manage certain Venezuelan assets in custody.

A second OFAC licence permits companies to negotiate potential contracts for selected investments in the country. However, participation by firms linked to China, Iran, and Russia remains barred.

“These general licenses invite American and other aligned companies to play a constructive role in supporting economic recovery and responsible investment,” a Trump administration statement said, describing the move as part of efforts to “rapidly” reopen Venezuela’s oil industry.

The U.S. State Department also announced the delivery of more than six tonnes of medical supplies to help stabilise the country’s strained healthcare system.

Wright’s visit marked the most senior U.S. engagement since Trump ordered the seizure of socialist leader Nicolás Maduro on January 3 over allegations including drug trafficking. During the trip, Wright met with interim leader Delcy Rodríguez, praising her cooperation and swift legal reforms to the hydrocarbons sector.

Wright declared that the U.S. oil embargo on Venezuela, in place since 2019, was “essentially over” and called for a “dramatic increase” in the country’s oil, gas, and electricity production to boost employment and living standards.

Chevron, which had maintained limited operations in Venezuela after the exits of ExxonMobil and ConocoPhillips, welcomed the development, describing the new licences and recent reforms to Venezuela’s Hydrocarbons Law as important steps toward unlocking the country’s energy potential.

Eni said it was assessing the opportunities created by the licences, while Repsol declined to comment.

Venezuela’s oil output rose to 1.2 million barrels per day in 2025, up from a historic low of about 360,000 barrels per day in 2020. However, production remains far below the 3 million barrels per day the country was pumping roughly 25 years ago.

The latest moves suggest a significant recalibration of U.S.–Venezuela relations, with energy diplomacy at the centre of renewed engagement.