economy
February 3, 2026
U.S. could issue general license for oil companies to produce in Venezuela this week, source says
The oil industry's response to investing in Venezuela has been mixed, with ExxonMobil CEO Darren Woods describing the country as "uninvestable."
TL;DR
- The Trump administration may issue a general license for U.S. companies to produce oil and gas in Venezuela.
- Chevron is currently the only U.S. company permitted to pump oil in Venezuela under a special license.
- President Trump is reportedly pressuring the oil industry to invest significantly in Venezuela's energy sector.
- A recent general license allowed U.S. companies to engage in activities like buying and selling Venezuelan crude but excluded upstream production.
- Venezuelan government reforms aim to ease state control and grant more autonomy to private oil companies.
- ExxonMobil's CEO has stated Venezuela is 'uninvestable' under its current system.
- Smaller oil companies have shown more enthusiasm for potential investments in Venezuela.
- Chevron believes it could increase production in Venezuela by 50% with U.S. approvals.
- Venezuela possesses the world's largest crude oil reserves and is a founding member of OPEC.
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