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
04GL 52A — Transactions Involving Petróleos de Venezuela, S.A.
Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850, subject to U.S./allied law and forum and Treasury payment routing. Preserves the E.O. 13808 prohibitions on bonds and debt. Supersedes GL 52.
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).
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.
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.
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