Trump said he plans to visit Venezuela as Washington authorised major energy companies to resume operations and expanded sanctions relief
US President Donald Trump said on Friday that he intends to visit Venezuela, with no date yet fixed, as his administration approved new licences allowing five major oil companies to operate in the country and took further steps to ease sanctions that had restricted investment in its energy sector.
The remarks came after a visit to Caracas earlier in the week by Energy Secretary Chris Wright and followed additional measures to remove barriers affecting the South American nation’s oil industry.
“I’m going to make a visit to Venezuela,”
Trump told reporters Friday, while adding that the date had not been decided.
Treasury authorises energy operations
On Friday, the Treasury Department’s Office of Foreign Assets Control granted general licences to BP, Chevron, Eni, Repsol and Shell “authorizing transactions related to oil or gas sector operations in Venezuela,” subject to certain conditions.
Energy companies have shown interest in Venezuela, citing its substantial petroleum reserves, but have stressed that investment timelines depend on the establishment of clear regulatory rules following expropriations by earlier governments.
The two-page general licence stipulates that payments in oil and gas royalties must be directed to accounts designated by the US Treasury Department. This aligns with statements from the
Trump administration that Washington will manage assets in custody for the benefit of Venezuela.
Trump and senior officials, including Energy Secretary Chris Wright, have described Washington as a party that will control Venezuela’s oil resources for the foreseeable future.
A second licence issued by OFAC on Friday allows companies to negotiate potential contracts “for certain investment in Venezuela”. However, the agency will continue to prohibit participation by several countries, including China, Iran and Russia.
“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, which described the action as part of Trump’s commitment to “rapidly” reopen the oil industry.
“The United States is committed to restoring Venezuela’s prosperity, safety, and security for the benefit of both the American and Venezuelan people.”
Medical supplies and diplomatic outreach
Separately, the State Department said on Friday that more than six tons of medical supplies had been sent to Venezuela to help stabilise the country.
On Wednesday, Wright became the highest-ranking US official to visit Venezuela since Trump ordered the seizure of socialist leader Nicolas Maduro on January 3 on allegations of drug trafficking and other crimes.
Wright met interim leader Delcy Rodriguez, who has received strong praise from the Trump administration for her cooperation, including the swift approval of legal reforms to the Venezuelan oil sector.
He said on Wednesday that the US oil embargo on Venezuela, in place since 2019, was “essentially over”.
Wright also called for a “dramatic increase” in Venezuela’s production of oil, natural gas and electricity, stating that it would improve “the job opportunities, the wages and the quality of life” of all Venezuelans.
Industry reaction and production figures
“We welcome the recent actions by the Administration,” a spokesperson for Chevron said.
“The new General Licenses, coupled with recent changes in Venezuela’s Hydrocarbons Law, are important steps toward enabling the further development of Venezuela’s resources for its people and for advancing regional energy security.”
Eni said it is “currently assessing the opportunities it opens up, as part of an ongoing and constructive dialogue with the US Authorities,” the Italian company told AFP.
Venezuela produced 1.2 million oil barrels per day in 2025 — up from a historic low of about 360,000 in 2020—but still far below the 3.0 million barrels per day it was producing 25 years ago.
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