US begins issuing Venezuela sanctions waivers: Update

: Crude oil
26/01/08

Updates with comments from the US treasury secretary

The US administration has begun the process of partially lifting sanctions prohibiting Venezuelan crude sales, while maintaining control over destinations.

US Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC), has given a waiver to a global trading firm to resume purchases of Venezuelan crude, sources tell Argus. The terms of the license require that any initial shipment must be sold to buyers in the US.

OFAC does not comment on issuance of private sanctions licenses. Trafigura and Gunvor declined to comment. Vitol has been approached for comment. Mercuria is considering its Venezuela options, including licensing, sources say.

The US is in talks with leading trading firms and banks to immediately move 30mn-50mn bl of Venezuelan oil held in floating and onshore storage, US energy secretary Chris Wright said on Wednesday.

As a first condition, OFAC must lift sanctions that since last year allow only Chevron to lift limited volumes of Venezuelan crude. Chevron imported 120,000 b/d from Venezuela in December.

Instead of issuing a "general license" to allow state-owned PdV to sell crude cargoes to any legitimate market participant, the US appears to have chosen to issue private waivers that come with conditions attached.

The US also plans to remove sanctions from some Venezuela entities, treasury secretary Scott Bessent told the Economic Club of Minnesota on Thursday. The US Treasury Department will oversee the funds generated from the sales of Venezuelan oil, he said.

By Aydin Calik and Haik Gugarats

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26/01/09

Trump says oil firms will invest $100bn in Venezuela

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Canadian exports to US at multi-year low in Oct

26/01/08

Canadian exports to US at multi-year low in Oct

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Large US oil firms wary on Venezuela: Bessent

26/01/08

Large US oil firms wary on Venezuela: Bessent

Washington, 8 January (Argus) — President Donald Trump's invitation to take advantage of Venezuela's upstream oil industry has failed to generate much enthusiasm among large US oil companies, treasury secretary Scott Bessent said Thursday. "The big oil companies who move slowly, who have corporate boards are not interested," Bessent told the Economic Club of Minnesota. But, according to Bessent, "independent oil companies and individuals wildcatters... want to get to Venezuela yesterday." Bessent's remarks constitute the first public confirmation that the US administration's hastily improvised plans to revive Venezuela's oil industry are hitting a snag. Energy secretary Chris Wright met with oil company executives in Miami, Florida, on Wednesday and Trump is expected to host a wide array of energy company executives at the White House on Friday. A meaningful turnaround in Venezuela's upstream industry requires costly repairs to basic energy infrastructure covering everything from pipelines to power supplies, as well as access to the latest equipment and a skilled labor force that is ready to go. Oil-focused investment plans touted by the Venezuelan opposition in the past five years estimated that at a minimum $100bn is required to boost output back to pre-US sanctions level of 1.2mn b/d. It would take much more if Venezuela wants to achieve its 27-year-old peak output of over 3mn b/d. Persuading US companies to establish or, in the case of Chevron, to expand operations, will require security guarantees and a more stable business environment, which calls into question the timeline of transition outlined by the White House. The Trump administration at the moment plans to take over Venezuela's oil sales, help stabilize the country's oil industry and broader economy and only then address a possible transition through elections. But Bessent explained the reluctance of large companies to invest in Venezuela in terms of "a lot of bureaucracy at multinationals". By contrast, smaller companies can go in quickly — "when you're writing your own check, you can do it, as opposed to if you have some of these boards". Trump's pitch for investing in Venezuela — the need to keep retail gasoline prices in the US low — also contradicts the corporate direction of the publicly traded US producers, which in recent years prioritized profits over production growth even in US shale fields. The sanctions waivers for buyers of Venezuelan oil include a clause requiring the bulk of the supply to be available for sale in the US, an example of the administration's effort to keep US oil and gasoline prices lower. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mexico inflation slows to 3.7pc in Dec

26/01/08

Mexico inflation slows to 3.7pc in Dec

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US begins issuing Venezuela sanctions waivers

26/01/08

US begins issuing Venezuela sanctions waivers

Washington, 8 January (Argus) — The US administration has begun the process of partially lifting sanctions prohibiting Venezuelan crude sales, while maintaining control over destinations. US Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC), has given a waiver to a global trading firm to resume purchases of Venezuelan crude, sources tell Argus . The terms of the license require that any initial shipment must be sold to buyers in the US. OFAC does not comment on issuance of private sanctions licenses. Trafigura and Gunvor declined to comment. Vitol has been approached for comment. Mercuria is considering its Venezuela options, including licensing, sources say. The US is in talks with leading trading firms and banks to immediately move 30mn-50mn bl of Venezuelan oil held in floating and onshore storage, US energy secretary Chris Wright said on Wednesday. As a first condition, OFAC must lift sanctions that since last year allow only Chevron to lift limited volumes of Venezuelan crude. Instead of issuing a "general license" to allow state-owned PdV to sell crude cargoes to any legitimate market participant, the US appears to have chose to issue private waivers that come with conditions attached. Chevron imported 120,000 b/d from Venezuela in December. The bulk of Venezuelan crude, around 430,000 b/d of mainly heavy, bitumen-rich Merey in 2025, was exported to independent buyers in China. By Aydin Calik and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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