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 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.

The global context amplifies the relevance. The Strait of Hormuz crisis drove fertilizer prices higher simultaneously with crude. Venezuela produces 4-5 million tons/year of urea and ammonia when operating at capacity — nearly all of that volume had been excluded from formal markets since 2019. GL 46B opens the door to reintegrating that supply into U.S. trade, precisely when Midwest farmers are paying 40% more for nitrogenous fertilizers than two years ago.

The most critical condition: all payments to the Venezuelan government, PDVSA, or controlled entities are deposited into the U.S. Treasury's Foreign Government Deposit Funds account. There is no direct transfer of funds to Caracas. Local taxes, permits, and fees are the sole exception. For the trader: this requires opening an FGDF account with the State Department before executing the first transaction. The initial report is due 10 days after the first operation, with follow-ups every 90 days.