GL 46
GL 46 — Venezuelan Oil Trade by Established US Companies
Issued
Jan 29, 2026
Expiration
No expiration
Authorized entity
Compañías estadounidenses establecidas en sector energía VE
Type
General
Scope
Authorizes U.S. companies with established presence in Venezuela to engage in extraction, processing, transportation and export of Venezuelan crude and refined products. Marks the January 2026 structural shift toward a permissive regime. Superseded by GL 46B in March 2026.
Authorized activities
- ·Operación de empresas mixtas con PDVSA
- ·Exportación de crudo y productos refinados a EE.UU.
- ·Lifting agreements con PDVSA
Prohibited activities
- ·Pagos directos a entidades sancionadas individualmente designadas
VENE · ECONOMIST Analysis
- Fact
- GL 46 emitida 29 de enero de 2026 amplió el régimen Chevron-only (GL 41) a todas las compañías estadounidenses con presencia previa, en línea con la política de re-engagement Trump-Maduro.
- Implication
- El cap operacional de Chevron (~250K bpd) deja de ser el techo del flujo legal VE→US. ConocoPhillips, ExxonMobil legacy claims y servicers retoman conversaciones de lifting.
- Indicator to monitor
- Anuncios de lifting agreements bajo GL 46/46B. Datos mensuales EIA de imports VE→Gulf Coast.
Official source
This summary does not constitute legal advice. The final determination of scope and applicability of any OFAC license requires consultation with qualified legal counsel and review of the official text published by the Office of Foreign Assets Control. VENE · ECONOMIST maintains this page as editorial reference for institutional investors.
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