VENEECONOMIST
OFAC GENERAL LICENSESupersededEnergy

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 Superseded by GL 46B in March 2026.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

OFAC — action page

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.

Tracking this license?

Get the OFAC Monthly Tracker

Monthly PDF with all changes.

Related licenses in this sector

GL 52A

GL 52A — Transactions Involving Petróleos de Venezuela, S.A.

GL 46C

GL 46C — Trade in Venezuelan-Origin Oil and Petrochemical Products

GL 47A

GL 47A — Sale of U.S.-Origin Diluents to Venezuela

GL 48B

GL 48B — Supply of Goods and Services to Venezuela

Free subscription · 1-click unsubscribe

Track OFAC moves on Venezuela

Subscribing you to Daily VE Pulse.

FURTHER READING

04
SECTOR BRIEF · VE-ENERGY-UPSTREAM

Production crosses 1 million bpd and majors sign: upstream closes Q1 with complete framework and binding power ceiling

VE-ENERGY-UPSTREAM April 2026 brief. Hydrocarbons reform passed (Jan 29), OFAC GL 52 (Mar 18), formal returns from Eni, Repsol and Chevron in April. Production 1.095M bpd, exports >1M for the first time in 6 months. India overtakes China as top buyer at 343K bpd. Revenues channeled to U.S. Treasury custody via EO 14373. The binding ceiling remains electrical (covered in VE-ENERGY-DOMESTICO).

VE PULSE · 10-JUL-2026

Venezuela has decreed the opening of its entire oil chain; the fiscal fine print and control of the money are missing

Venezuela decreed an opening that unlocks the whole chain but leaves the reservoir in the State's hands; what it does not settle is the fiscal fine print or control of the money: crude under Treasury custody and gold in London.

ANÁLISIS · RIESGO · SANCIONES

What OFAC’s New License Does —and Doesn’t— Allow for Aiding Venezuela After the Quake

After the earthquake, OFAC issued General License 60, which temporarily lifts the sanctions prohibitions for relief through October 23, 2026, and the U.S. pledged US$150M through the UN and aid partners. A descriptive map of the perimeter: which transactions are authorized (including third-country transfers), what the license leaves out (no property unblocked, no ordinary remittances or commerce), and through which vehicles the money flows. Information, not advice.

VE PULSE · 09-JUL-2026

The missing regulation: Venezuela completes the framework of its oil opening, 20 days before the deadline

Venezuela reworks the rules of its oil and its exchange rate to attract capital, while the United States' footprint inside the country turns physical: from the crude income under Treasury custody to the Marines in Maiquetía's control tower.