The oil opening in numbers: regulatory framework, production, OFAC licenses
The oil opening in numbers. Regulatory framework, production, OFAC licenses, and the players positioning themselves.
Production: 1.021K bpd (OPEC data Feb 2026) · Brent: $106 due to Hormuz crisis · 7 OFAC general licenses without expiration · Revenue under custody of U.S. Treasury via trust in Qatar · Certified reserves: 303 billion barrels (world's largest) · Chevron: active presence, targeting 300K bpd · Repsol: plan to triple production · Maha Capital exercised PetroUrdaneta option using GL 52 on March 18.
Production (1.021K bpd · Oriente + Maracaibo + Apure) → Dilution (imported naphtha via GL 47) → Puerto José / La Cruz (70% capacity) → Commercialization (Trafigura, Vitol, Chevron) → Revenue (Qatar trust → U.S. Treasury → BCV/Budget)
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FURTHER READING
04Money paid up front for a Venezuelan home stops passing through the builder's hands
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Venezuela Upstream July 2026: LOH Regulation drops PDVSA (Gaceta 7,052), Repsol signs Horcón MoU, OFAC amends GL 46C-54A, Brent normalizes to $81
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GL 46C — Trade in Venezuelan-Origin Oil and Petrochemical Products
Authorizes an established U.S. entity to lift, export, sell, store, transport and refine Venezuelan-origin oil —and to import Venezuelan-origin petrochemical products into the U.S.— in transactions involving the Government of Venezuela and PdVSA, subject to U.S./allied law and forum and Treasury payment routing. Supersedes GL 46B.
OFAC eligibility in Venezuela: who lends the permit to sign with PDVSA
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