GL 46B: The license that makes the U.S. the sole authorized buyer of Venezuelan oil and petrochemicals
GL 46B does not merely authorize Venezuelan crude trading. The March 13 version expanded its scope to petrochemical products, fertilizers, and derivatives.
GL 46B does not merely authorize Venezuelan crude trading. The March 13 revision expanded its scope to include petrochemical products, fertilizers, and derivatives. For the market: OFAC has effectively redefined Venezuela's exportable value chain in a single document.
GL 46B is not GL 46 renamed. It is a material expansion of tradeable scope. The original January 2026 version covered only crude and petroleum products. The March update broadened the definition of "petroleum of Venezuelan origin" to include petrochemical products, fertilizers, and chemical precursors listed in a specific annex. Urea, anhydrous ammonia, ammonium nitrate, superphosphates, and ammonium sulfate now fall under the GL 46B umbrella. For a country with installed petrochemical capacity at Jose and Moron, this is far from marginal.
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FURTHER READING
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