US TREASURY · SANCTIONS REGIME
OFAC
The U.S. Treasury's Office of Foreign Assets Control runs the sanctions regime on Venezuela: general and specific licenses, designations and authorizations that determine which transactions are lawful for actors with U.S. exposure.
VE Pulses
40Venezuela oil exports fall 25% in October as PDVSA holds the line on price despite freight
In September traders were asking for a discount to cover freight; in October PDVSA did not grant it, and it was volume that gave way.
PDVSA gives six to seven years to the million barrels NABEP calls near-term
Until now NABEP set the timeline for the million barrels; a PDVSA vice president has just given a much longer one, and the operator’s latest figure covers a single day.
Delcy Rodríguez orders state assets valued for sale or return to their former owners
In April, a commission was tasked with classifying the state’s holdings; since Thursday, those the state deems non-essential are being valued to be offered to private buyers or returned, with no list or timetable yet.
Caracas must pay first for GE Vernova to start repairing Corpoelec's power grid
Since the September agreement, the obstacle is no longer technical: engineering is done and contractors are lined up, but the company will not carry out work without being paid first, and the government has said nothing in public about when it will pay.
Venezuela's BCV and Finance Ministry bet on two-digit inflation in 2027 with no target for the bolívar
The target requires breaking 2026's pace, and the agreement rests it on two things Caracas does not control: oil revenue, held in custody by Washington, and foreign lending.
Venezuela's election clock starts with a vacancy Washington places after a new TSJ and a new CNE
The State Department published on Monday the order it expects: the Supreme Court first, then an electoral council with no power to bar candidates and, last, the vacancy that opens the election. Caracas has not confirmed it.
Machado returns to Caracas with no public guarantees from the government and outside the dialogue table
Until Saturday, the opposition leader was trying to return from Panama; since Sunday she is in Caracas, with a travel ban and a disqualification that, by reported accounts, remain in force, and outside a table that put off electoral council reform.
From 132,000 to 44,000: SENIAT cuts the list of special taxpayers that withhold VAT
Those who leave the list stop withholding the tax from their suppliers and file it once a month, not every two weeks. Fiscal printers, meanwhile, stopped being mandatory on Wednesday.
What comes first for Citgo: the Third Circuit ruling or the OFAC license Amber needs?
The judges heard Venezuela, PDVSA and Gold Reserve on Wednesday without setting a date to rule, and the $5.9 billion bid remains approved in the meantime.
Rubio wants Reliance to refine more Venezuelan crude, with Maduro-era sanctions still in place
The United States already takes more than half of the crude Venezuela exports; its secretary of state visits the owner of the world's largest refining complex today to get it to process more, and concedes there are prior sanctions to work through, without saying which.
Over wages of $5 a week, PDVSA workers idle boats on Lake Maracaibo
The crews that serve PDVSA on the lake, on wages their union puts at five dollars a week, joined the retirees' protests on Monday in the basin where the company wants 400,000 barrels a day before December.
The World Bank's first loan to Venezuela since 2005 waits on the country paying its overdue debt to the IDB and CAF
Venezuela has not received a World Bank loan since 2005; the bank now has a portfolio, an amount and a first operation for water and electricity, and the next step is the country's: catching up with the other multilateral lenders.
Venezuelan crude halves its discount to Brent in two months
In July, the Venezuelan benchmark sold $16.61 below Brent; in September, $8.27. With output nearly flat, the month's gain came from price.
Calixto Ortega takes the IMF a plan for the bolívar to cover every domestic transaction in Venezuela
Before the Fund, the vice president for the economy ruled out dollarization. The plan published by the central bank leaves the dollar to foreign trade and sets two-digit inflation as the condition, with no date to reach it.
Washington declines to weigh in on Citgo, and Venezuela heads to the October 21 hearing without its support
Gold Reserve backed the pause only if Washington did too, and Washington abstained. The sale of Citgo's parent now hangs on the judges' ruling and on the OFAC license Amber is still waiting for.
The IMF estimates Venezuela's GDP grew 9% in 2025, six times what it calculated in April
The Fund's new series shows a deeper fall between 2018 and 2020 and a faster recovery since 2022. In the same tables, projected inflation rises and the external surplus it expected in April turns into a deficit.
The round of talks Washington announced for Wednesday the 14th puts the Supreme Court ahead of the electoral council
After two rounds in Caracas, Washington put the order of the negotiation in writing: first the 32 justices, by December; the overhaul of the electoral authority, in rounds that still have no date.
Pacific Coast Energy promises to double crude output at two PDVSA blocks claimed by former partners
On July 30 the company said it was finalizing the contracts; on October 7 it confirmed it runs both blocks with full operational control. Its release mentions no OFAC license and none of the partners claiming the fields.
A ruptured gas line leaves Cardón, PDVSA's second-largest refinery, shut with no restart date
Cardón was already running without one crude unit and its catalytic cracker, idled in September for lack of feedstock; now all its plants are in emergency shutdown. PDVSA rules out major damage and says it has inventories, but sets no date to restart.
Domestic market first, LNG later: the order of Baker Hughes' gas alliance with PDVSA
The official note on Friday the 2nd's meeting with the acting president mentioned no signing; on Monday the 5th, Baker Hughes announced a framework signed with PDVSA and two US partners. Each project will need its own definitive agreement and an OFAC authorization.
The State Department swears in the Maduro case that only Delcy Rodríguez can act for Venezuela
March's recognition rested on a statement and a speech by Trump. Since Friday the 2nd it rests on a sworn declaration, which prosecutors in New York are using to deny Maduro head-of-state immunity.
The United States took almost six of every ten barrels of oil Venezuela exported in September
Venezuela exported 9% less oil in September than in August, while trading houses pressed for bigger discounts to cover freight. Shipments fell to Europe and India and rose to the United States.
One Planta Centro unit in Carabobo carries almost half of Corpoelec's 1,300-megawatt plan
The state power company's plan adds 1,300 megawatts through December from existing units returning to service. It does not say how many of the 4,800 thermal megawatts the acting president set in August for year-end are already online.
GeoPark puts 2038 on Bare and leaves the heavy spending for after 2028
The $7 billion attached to the field in the headlines adds up capital and operating spending, not just investment. What the company gave this week is the pace: the 90,000-barrel-a-day target is set for 2038, and heavier spending comes after 2028.
Venezuelan methanol enters an OFAC license when it was already almost a quarter of US imports
Metor, the Jose plant in which the state holds 37.5%, kept selling in the United States while sanctions were in force. Since Monday the license names the product and lets the state partner in, with its payment routed to the Treasury account.
Stripe backs dollar accounts for Venezuelans under a humanitarian OFAC license expiring October 23
Two apps offer users in Venezuela virtual accounts with US account numbers, backed by Bridge, Stripe's subsidiary, and by Lead Bank. UglyCash credited its return to the humanitarian channel opened after the June earthquake, and its contract limits deposits to that aid.
Venezuelan crude reaches the United States at a record pace and Washington will not say what the Treasury holds
Last week it was 782,000 barrels a day, the largest volume of the year. What those cargoes pay is held in custody by Washington, and on Tuesday the man who holds it appeared before Congress without giving the balance.
OFAC's GL 52C lets a sanctioned official sign for PDVSA
Until last night, a sanctioned officer signing was enough to make the transaction prohibited, and the contract stalled in its last box. The same document closes the door on the Citgo structure in Delaware, by name.
Merey gained more from price in August than PDVSA gained from every extra barrel
OPEC published price and volume in the same table on Thursday, and they do not weigh the same. On the month's volume, the price rise added some eleven million dollars a day; the extra barrels added seventy-seven thousand.
The signature for PDVSA changes in the Delaware case auctioning Citgo's parent
On May 11 the court record noted the removal of three Arnold & Porter attorneys. On Tuesday a one-partner Wilmington firm appeared for Petroleos de Venezuela. The sale the judge authorized has still not closed.
Nabors dates its Venezuela return for 2027; NABEP, Washington's operator, counted six rigs this year
The deal's operator placed six rigs drilling before December. The two suppliers that filed on Tuesday with the securities regulator date something else: one rig starting in 2027 and components for ten more only now leaving the United States.
India and Europe absorbed in August the barrels PDVSA stopped sending to the United States
Total loadings did not move. What moved was the split: the United States came off a July record and fell, India rose by two thirds and Europe nearly tripled.
Selling Venezuelan coal without sanctions risk now means paying into an account the Treasury names
The mining licenses spoke of minerals and gold and named a single company, Minerven. The three issued on Wednesday add coal and Carbones del Zulia, the state firm that mines it in the Guasare basin in the country's west.
The law governing a contract with PDVSA stops being decided in Washington
Since January the U.S. permit required that contract to be drafted under the law of a U.S. state. Eight licenses rewritten yesterday strike the requirement and leave standing only the seat where a dispute is fought: the United States, the United Kingdom, France or Singapore.
The contractors Venezuela left unpaid take their own seat at the table today
The restructuring had been discussed in the language of bonds and of an adviser Caracas hired. From today there is a separate bloc — builders and oilfield service firms — that claims to carry more than US$30 billion and has not spoken to that adviser.
The detour on flights to Caracas ends on September 1, sixty-nine days on
What opens is not the damaged terminal but two modular halls with seven boarding gates between them. The main building, hit along with one of the runways, is being rebuilt separately and on another calendar.
Money paid up front for a Venezuelan home stops passing through the builder's hands
Until now the developer took the buyer's down payment and put it to work. The text passed on Friday routes it into a trust that releases funds only against construction progress certified by an independent engineer.
Washington clears the rebuilding of Venezuela's network and leaves the capital waiting on another license
Through Thursday the telecommunications license covered carrying traffic; since Friday it covers installing, repairing and operating the plant itself. Putting capital into it still needs a permit that does not exist yet.
Anyone signing a contract in Venezuela does not yet know which Supreme Tribunal will hear it
Three months of nominations are void and the committee that filters the candidates moves to 23 seats, 12 of them for civil society. Not one member has been named, and the declared target is still to replace the 32 justices before January.
The United States supplies the naphtha Venezuela uses to thin the crude it then sells back
The US under secretary of energy put a number on both directions of the flow: more than 500,000 barrels a day of crude leave for that country's refineries, and more than 100,000 of naphtha come in so the crude can move at all.
Analysis
34Venezuela sanctions: Switzerland freezes, U.S. unfreezes, EU has until January 10
OFAC removed Jorge Rodríguez from its list on October 14, 2026, and Switzerland added Alex Saab and Álvaro Pulido to its own, which is an asset freeze for judicial cooperation, not a sanction. Delcy Rodríguez remains subject to an asset freeze in the European Union, the United Kingdom and under the Swiss embargo list, and the European measures expire on January 10, 2027.
Citgo: Venezuela seeks six months for talks that OFAC does not authorize
Venezuela asked the Third Circuit to freeze the appeal of Citgo’s sale to Amber Energy so it can restructure its debt, and the US declined to opine. OFAC’s License 58 excludes negotiating with creditors, License 52C bars changing Citgo’s board, and Amber’s deal expires in April 2027.
Dragon field: Venezuela's gas for Shell and Trinidad waits on three keys
Venezuela licensed Dragon to Shell and NGC in 2023 with a 20% royalty and a floor of 45% of gross revenue. Under OFAC's General License 50C, those payments would go to the Treasury fund whose disbursement the State Department decides, and Trinidad and Tobago admits it has no fiscal framework for imported gas. Three scenarios and their signals.
SENIAT: Venezuela collects 37.6% more in dollars and 25.8% more in real terms
SENIAT reported $1.198 billion in September 2026, converted at the central bank's official rate, which rose less than inflation. Deflated by the consumer price index, the increase is 25.8%. March was the year's peak, April and July were not published, and it is not on record whether the totals include oil taxes that OFAC sends to the Treasury fund.
Venezuelan gold in the US: OFAC lets it be refined, but who vouches for its origin?
Since March the license has allowed Minerven's gold to be imported and refined in almost any country. What is missing is a London refiner willing to disclose that it takes Venezuelan ore, and six months after the first flight the gold is reported unsold.
Venezuelan methanol: OFAC names it when it was already 23% of US imports
The September 28 licenses change one thing: the petrochemicals annex adds methanol. Metor was already selling in the United States because the state holds only 37.5%; what comes in now is the state partner, collecting in Treasury accounts and toward the destination that pays least.
El Callao gold, Venezuela: Heeney signed for 30 years what OFAC will not let it mine
The Chocó mine concession, with Mercuria and up to US$1 billion, was signed under April's Organic Mining Law; OFAC's License 51D authorizes selling Venezuelan gold and excludes extracting it, and on that mine weighs Rusoro's US$967 million award being collected in Delaware, in the same queue as Gold Reserve.
Reconstruction in Venezuela: UNDP puts the earthquake bill at US$21 billion
The post-disaster needs assessment (PDNA) measures US$14.831 billion in damage and losses across seven states and US$21 billion in recovery needs: the difference is building back better. By September 9, 528 new homes had been delivered; OFAC's relief license, extended on October 16 by GL 60A, expires April 21, 2027.
Venezuela sanctions: OFAC authorized the foreclosure, the resale cost 112 months
The former chief executive of Puerto Rican bank Nodus was sentenced on Monday in Florida. The sanctions office had authorized him to foreclose on the house of a person sanctioned for material support to PDVSA; selling that same house back for four million dollars through a front company was not authorized. The 21 general licenses in force over Venezuela declare 72 exclusions.
Primavera Infinita signed with PDVSA the contract Continental still lacks
OFAC’s license requires having existed in the United States before January 29, 2025 to perform with the state company. The entity that signed the Budare-Elotes block appears registered in Delaware thirteen months later.
Venezuela sanctions: OFAC’s GL 52C lets sanctioned PDVSA officials sign the contract
Today’s amendment authorizes the act of signing, not the relationship with the person signing. In the same document the agency places the governance of PDV Holding, CITGO Holding and CITGO Petroleum out of reach, by name.
China and Russia in Venezuelan oil: OFAC's licenses exclude the joint venture
None of the four licenses signed between August 27 and September 2 names a Chinese or Russian company. They exclude transactions involving the Venezuelan company that has them as partners — and OFAC wrote China two different ways in the same wave.
Venezuela's OFAC licenses: the Federal Register prints the version no longer in force
On September 11 OFAC took four Venezuela-program licenses to the Federal Register. Three had been superseded before they appeared in print, and the one covering Chevron, Repsol, Shell, BP, Eni and Maurel & Prom ran requiring U.S. law and a U.S. forum — exactly what the version in force stopped asking for on August 27.
Sanctions on Venezuela: taking resources out is authorized, investing needs a permit
OFAC general license 48A allows supplying equipment to produce oil and bars, in the same text, incorporating the company that would own the field. On September 3 an operator put a number on that architecture before the U.S. securities commission: up to 120 days of waiting on sanctions requirements before its contract takes effect.
Venezuelan coal: the OFAC license names Carbozulia, not the mines
Until September 1 the sanctions mining regime covered gold and minerals. Since September 2 it includes coal: general licenses 51D, 54C and 55A name Carbozulia alongside CVG Minerven, while the Paso Diablo and Mina Norte mines in Zulia are run by companies the text does not mention.
OFAC licenses in Venezuela: contracts with PDVSA no longer need U.S. governing law
The requirement arrived in January, loosened in June and vanishes today from eight licenses at once. What did not move in those seven months: the seat of disputes, the routing of payments through the Treasury, and the same six oil companies cleared to operate.
OFAC eligibility in Venezuela: who lends the permit to sign with PDVSA
A Canadian oil company set out on August 24 the six steps it took to enter Venezuelan crude: a U.S. subsidiary, registration with the investment agency, exclusivities, data packages and a field visit. Five it took alone. For the sixth it states that it partners "with entities benefiting from the updated U.S. sanctions regime."
Telecommunications in Venezuela: what OFAC license 61 authorizes — and what it bars
General licenses 61 and 62, signed on August 21, 2026, allow selling and installing equipment, fiber, data transit and cloud services to Conatel, CANTV and Movilnet, and in the same text bar forming the joint venture that would invest in the sector. Which law governs the contract, who must be sent a report on every transaction, and what is still missing on the Venezuelan side.
Correspondent banking in Venezuela: what a U.S. bank asks before opening
OFAC general license 57 has authorized dollar correspondent account services since April 2026, and the FATF states in writing that it does not require enhanced due diligence on the jurisdictions it monitors. What decides is section 1010.610: it requires the U.S. bank to weigh five factors, one of them the supervision Sudeban exercises over its Venezuelan counterparty.
Starlink in Venezuela: the barrier is no longer OFAC, but Venezuela’s own paperwork
Conatel and SpaceX reviewed the framework to formalize Starlink in Venezuela and the regulator asked it to homologate its equipment. The piece usually missing in these cases — the U.S. authorization for an American company — already exists: OFAC maintains general licenses for telecommunications and the internet (GL 24A and 25) that Starlink can rely on. What remains is Venezuelan execution: homologation, spectrum concession and title.
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 —extended to April 21, 2027 by GL 60A on October 16—, 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.
OFAC reopens Conviasa and Venezuela's telecommunications, but keeps CITGO frozen until August
For the second time running, OFAC renews protection of CITGO's collateral for under seven weeks —it used to do so for half a year. It does so on the same June 18 it opens two low-friction lanes: supply to Conviasa (GL 59) and telecommunications and mail (GL 24A). The signal is sequence: Treasury grants everyday reconnection and meters the strategic asset.
Venezuela's Mining Opening: OFAC Reopens Gold to Western Trade — With the Cash in the U.S. Treasury
OFAC's June 10 amendment wave rewrote seven Venezuela licenses. The two mining ones —GL 51B and 54A— authorize trading and servicing Venezuelan gold via CVG Minerven, but route payment through the U.S. Treasury, bar new joint ventures and exclude China.
Smart money got there first: why the most sophisticated investors are quietly betting on Venezuela while the rankings call it unviable
Five months from Operation Absolute Resolve, the country has shipped between US$6 and US$9 billion in crude under the OFAC framework, sold US$100 million in gold to the U.S. under the Burgum-Caracas deal, delivered Alex Saab into DEA custody at Opa-Locka, and reopened twice-daily direct flights to Miami. Caracas now hosts an open table with the six Western oil majors on the oil front, with Coinbase and Founders Fund on the financial front, and with the Burgum delegation on the mining front — a quarter and a half in which Washington deployed more instruments on the country than in any comparable window since 1999. Transparency International still ranks Venezuela 178 of 180 on corruption perception. The distance between that score and the table filling up in Caracas is exactly the spread smart money is collecting for arriving first.
Citgo, GL 5V and the 12 days that decide the refiner's fate
On May 5, the authorization deferred by GL 5V takes effect. Amber Energy holds a $5.892B bid approved in Delaware. The effective transfer of Citgo requires a specific OFAC license not yet issued. The May 5-30 window sets the precedent for Venezuela's $192B in external debt.
OFAC publishes Spanish translations of five general licenses: the operational signal Latin America cannot ignore
OFAC had never published simultaneous translations of general licenses for Venezuela. The gesture is operational, not symbolic.
OFAC Clarifies Operating Conditions for Venezuela Energy Sector
The FAQs published on April 1 strip out the ambiguity over payments and geopolitical carve-outs under GL 46B, 51A and 52.
GL 51 + Mining Law: Venezuela's Mining Opening Accelerates and Stalls in the Same Week
OFAC authorized Venezuelan gold exports to the U.S. on March 6. Burgum visited Caracas with 26 mining companies. The National Assembly approved the Mining Law in first reading on March 9. But the second reading stalled after 12 of 130 articles. What looked like a sprint became an obstacle course — with gold, diamonds, and rare earths as the prize.
$391 Per Worker: Venezuela's Productivity Collapse and What It Means for Anyone Who Wants to Produce There
Real output per worker in Venezuela fell from $1,014 in 2008 to $391 in 2025. To match the output of one American worker, you need 286 Venezuelans. The most devastating number in the country isn't inflation or debt — it's productivity. And no OFAC license fixes it.
Oil Majors Tell Washington What It Doesn't Want to Hear: Venezuela's Reform Is "Woefully Inadequate"
At CERAWeek Houston, the CEOs of ConocoPhillips and Chevron — the two most important companies for Venezuela's oil future — publicly stated that OFAC licenses are not enough. They need fiscal reform, legal certainty, and a debt repayment plan. Licenses open the door; the local framework determines if anyone walks through it.
General License 52: OFAC Unlocks PDVSA for U.S. Companies and Rewrites the Rules of Venezuelan Oil
GL 52 is the broadest authorization Washington has issued on Venezuela since sanctions were imposed. It allows established U.S. companies to operate directly with PDVSA without a specific license. Contracts under U.S. law, payments to Treasury, and exclusion of Russia, Iran, China, and Cuba. Venezuelan oil wasn't set free — it changed wardens.
Rodriguez replaces the longest-serving Defense Minister of Chavismo: the silent purge reorganizing Venezuelan military power
General Vladimir Padrino, 11 years at the helm of the Ministry of Defense and pillar of Maduro's power apparatus, is replaced by Gustavo González López — head of the presidential guard and Rodriguez's military counterintelligence. This is not a transition: it is consolidation.
GL 49A: The license that allows negotiation without execution — and why it matters most for investors who haven't entered yet
GL 49A authorizes something previously impossible: negotiating and signing contingent investment contracts in oil, gas, petrochemicals, and electricity without prior OFAC approval.
GL 50A: The named license — 6 majors authorized for unrestricted operations in Venezuela's oil sector
OFAC named six companies in an annex: Chevron, BP, Eni, Repsol, Shell, and Maurel & Prom. For these companies and their subsidiaries, GL 50A authorizes all transactions related to oil and gas operations in Venezuela.
Sector Briefs
12Venezuela country risk November 2026: the investor’s license is Washington’s lever
Marco Rubio said on October 26 that general licenses are the incentive keeping the process moving and that there are no irreversible concessions: the same authorization that underpins a contract is the lever on the calendar. November tests it with the court’s scoring scale on the 5th and 6th, the close of nominations on the 11th and the fourth round from the 11th to the 15th. The election still has no day, and the VE-RISK of 47 measures none of this.
Venezuela power November 2026: the grid gets repaired at the pace the state pays
IMPSA started work at Macagua and Tocoma on more than $300 million the acting president attributes to the state; GE Vernova is still holding off on work until it gets a first payment from the same payer. November is the final month of the 1,300 MW plan, with Planta Centro 6's synchronization still unannounced as of November 1 and the domestic index at 29 out of 100, its first reading in the unfavorable band.
Venezuela upstream October 2026: Merey made the quarter that production did not
Venezuela reported 1,206,000 barrels a day to OPEC for September, 5,000 more than in August, while Merey rose $16.93 to $93.75. PDVSA counts 61 signed agreements, and the first start-up declared to a regulator points to the end of 2026.
Venezuela banking and bonds August 2026: banks grow 26% without lending and the collateral stays frozen
The short, successive extensions of the collateral signal a live negotiation whose calendar governs the contractual maturity. Financial activity grew 26.26% in the second quarter with private credit blocked by a 73% reserve requirement.
Venezuela country risk August 2026: the file runs on two clocks and only one tells verifiable time
The Venezuelan file operates on two clocks: an external one producing verifiable acts at a reliable cadence, and an internal one whose statements have no associated indicator. Reconstruction is the best available proxy for state execution capacity.
Venezuela Upstream July 2026: LOH Regulation drops PDVSA (Gaceta 7,052), Repsol signs Horcón MoU, OFAC amends GL 46C-54A, Brent normalizes to $81
The first comprehensive Hydrocarbons Law regulation since 1943 opens upstream to privates without a mandatory joint venture; the VE Score eases from 94 to 84 on Brent's correction (May $104 → July $81), not regulatory deterioration.
Chevron Q1 revela 1–2% del CFO (cash flow operativo) en Venezuela; producción cruza 1.23M bpd y GL 5W señala coordinación con Citgo
Brief VE-ENERGY-UPSTREAM mayo 2026. El upstream entra en fase de ejecución contractual: exportaciones cruzan 1.23M bpd en abril (máximo en 7 años, +14% intermensual), Chevron en su call Q1 (1 may) confirma Venezuela = 1–2% del CFO (cash flow operativo) con cuenta por cobrar de $1.5B en amortización a 2027 y sin compromiso de capex incremental antes de clarificación fiscal. GL 5W (4 may) extiende protección bono PDVSA 2020 hasta 19 jun — extensión más corta en dos años, señal de coordinación Treasury con proceso judicial Citgo en Delaware. Repsol Petroquiriquire, Eni Junín-5 y Maurel & Prom operativos bajo GL 50A.
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).
Mining Law, GL 55, and the real Arco Minero: the legal framework arrived before territorial control
Mining Brief April 2026. Organic Mining Law passed April 9, GL 55 since March 27, Burgum-Trafigura $100M gold shipment. The pilot architecture works; institutional scale requires the regulation, the Superintendency and a first formal announcement from a Western major.
Venezuelan power sector: $15–40B to light up a country Siemens and GE already inspected
VE-ENERGY April brief. GL 48A active, Wright in February, Siemens/GE inspections in March, Delcy announcement in April. The legal-enablement layer is closed; payment mechanism and power reform are not. The power constraint ceilings oil production at 1.2M bpd.
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.
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and exchange rate
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and FX.
OFAC Licenses
40GL 60A — Earthquake Relief Efforts (through April 21, 2027)
Authorizes, through 12:01 a.m. eastern daylight time on April 21, 2027, all transactions related to earthquake relief efforts in Venezuela that would otherwise be prohibited by the Venezuela Sanctions Regulations (31 CFR part 591). Note 1 covers the processing and transfer of funds on behalf of third-country persons and lets U.S. financial institutions and registered money transmitters rely on the originator. It does not unblock blocked property or authorize what other executive orders prohibit. Supersedes GL 60, whose text it repeats except for the expiration date.
GL 46E — 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. As of September 28, 2026, the petrochemical annex lists methanol; until then it listed only fertilizers and their inputs. Contracts must route disputes to the U.S., U.K., France, or Singapore, and payments to blocked persons go to the Treasury account. Supersedes GL 46D.
GL 48D — Supply of Goods and Services to Venezuela
Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production —including maintenance and repair of equipment—, and for electricity generation, transmission, storage and distribution in Venezuela. As of September 28, 2026, the petrochemical annex lists methanol. The formation of new joint ventures remains outside the license. Supersedes GL 48C.
GL 49B — Contingent Contracts for New Energy Investment
Authorizes negotiating and entering into contingent contracts for new investment in oil, gas, petrochemical products or electricity in Venezuela —new exploration or production, expansion of existing operations and formation of new joint ventures—, including prior due diligence, provided that performance is made contingent on separate OFAC authorization. As of September 28, 2026, the petrochemical annex lists methanol. Supersedes GL 49A.
GL 5Z — PdVSA 2020 8.5% Bond (on or after November 5, 2026)
Authorizes, on or after November 5, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5Y in its entirety effective September 16, 2026, moving the effective date from September 17 to November 5, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.
GL 52C — 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. As of September 14, 2026, it allows PdVSA officials on the SDN List to execute and sign those contracts in their official capacity, and expressly excludes any transaction altering the governance of PDV Holding, CITGO Holding, or CITGO Petroleum. The forum requirement (U.S., U.K., France, or Singapore) and Treasury payment routing remain. Supersedes GL 52B.
GL 54C — Supply of Items and Services for Coal or Minerals Operations in Venezuela
Authorizes the provision from the United States or by a U.S. person of goods, technology, software, or services for the exploration, development, mining, extraction, processing, refining, or production of coal or minerals —including gold— in Venezuela, in transactions involving the Government of Venezuela, Carbozulia and CVG Minerven. As of September 2, 2026, coal enters the same perimeter that already covered gold. It authorizes supplying and maintaining the operation, not forming joint ventures to exploit it. Supersedes GL 54B.
GL 55A — Contingent Contracts for Investment in Venezuela’s Coal or Minerals Sectors
Authorizes negotiating and entering into contingent contracts for new investment in Venezuela’s coal or minerals sectors —including gold— provided that performance is expressly contingent upon separate authorization from OFAC. As of September 2, 2026, coal enters the same perimeter that already covered gold. It is the first amendment to GL 55 since March 2026. Supersedes GL 55.
GL 51D — Trade in Venezuelan-Origin Coal or Minerals, Including Gold
Authorizes an established U.S. entity to export, sell, store, purchase, deliver and transport Venezuelan-origin coal or minerals —including gold— in transactions involving the Government of Venezuela, Carbones del Zulia S.A. (Carbozulia) and CVG Minerven, including processing and refining. As of September 2, 2026, coal enters the same perimeter that already covered gold. Conditions are unchanged: disputes in the U.S., U.K., France, or Singapore, and payments routed through Treasury. Supersedes GL 51C.
GL 47B — Sale of U.S.-Origin Diluents to Venezuela
Authorizes the export, sale, supply and transport of U.S.-origin diluents to Venezuela in transactions involving the Government of Venezuela and PdVSA. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore; it no longer needs to be governed by U.S. law. Supersedes GL 47A.
GL 48C — Supply of Goods and Services to Venezuela
Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production, and for electricity generation, transmission, storage and distribution in Venezuela. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Supersedes GL 48B.
GL 50C — Oil or Gas Sector Operations of Listed Entities
Authorizes transactions related to oil or gas sector operations in Venezuela of the entities listed in the Annex and their subsidiaries —BP, Chevron, Eni, Maurel & Prom, Repsol and Shell, the same six as in June—, with Treasury routing of payments, taxes and royalties. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Supersedes GL 50B.
GL 52B — 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. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore; Treasury payment routing remains. Preserves the E.O. 13808 prohibitions on bonds and debt. Supersedes GL 52A.
GL 61A — Supply of Certain Items and Services to Venezuela Related to Telecommunications
Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — that are ordinarily incident and necessary to the provision from the United States or by a U.S. person of goods, technology, software, or services for the installation, maintenance, refurbishment, repair, upgrade, operation, or support of telecommunications in Venezuela. Telecommunications is defined broadly: data, telephone, internet connectivity, radio, television, news wire feeds, and similar services, regardless of the medium of transmission, including satellite and submarine cables. As of August 27, 2026, the contract with the Government must only route disputes to the United States, the United Kingdom, France, or Singapore; it no longer needs to be governed by U.S. law. Reporting to the Department of State ten days after the first transaction and every 90 days thereafter remains. No expiration date. Supersedes GL 61.
GL 51C — Trade in Venezuelan-Origin Minerals, Including Gold
Authorizes an established U.S. entity to export, sell, store, purchase, deliver and transport Venezuelan-origin minerals —including gold— in transactions involving the Government of Venezuela and CVG Minerven, including processing and refining. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Treasury payment routing remains. Supersedes GL 51B.
GL 54B — Goods and Services for Minerals Operations in Venezuela
Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for exploration, development, mining, extraction, processing, refining and production of minerals —including gold— in Venezuela, via CVG Minerven. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Does NOT authorize forming new mining joint ventures. Supersedes GL 54A.
GL 46D — 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. The contract no longer needs to be governed by U.S. law: it must only route disputes to the U.S., U.K., France, or Singapore. Treasury payment routing remains. Supersedes GL 46C.
GL 61 — Supply of Certain Items and Services to Venezuela Related to Telecommunications
Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — that are ordinarily incident and necessary to the provision from the United States or by a U.S. person of goods, technology, software, or services for the installation, maintenance, refurbishment, repair, upgrade, operation, or support of telecommunications in Venezuela. Telecommunications is defined broadly: data, telephone, internet connectivity, radio, television, news wire feeds, and similar services, regardless of the medium of transmission, including satellite and submarine cables. Any contract with the Government must be construed under the laws of a U.S. state or jurisdiction and route dispute resolution to the United States, the United Kingdom, France, or Singapore. Suppliers must report to the Department of State 10 days after the first transaction and every 90 days thereafter. No expiration date.
GL 62 — Negotiations of and Entry Into Contingent Contracts for Investment in the Telecommunications Sector of Venezuela
Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — related to the negotiation of and entry into contingent contracts for new investment in the telecommunications sector of Venezuela, provided that performance of any such contract is made expressly contingent upon separate authorization from OFAC. Covers establishing new telecommunication service providers, expanding existing operations, and forming new joint ventures or other entities, along with prefatory steps such as commercial, legal, technical, safety, and environmental due diligence and assessments. No periodic reporting and no expiration date.
GL 5Y — PdVSA 2020 8.5% Bond (on or after September 17, 2026)
Authorizes, on or after September 17, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5X in its entirety effective August 3, 2026, moving the effective date from August 4 to September 17, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.
GL 60 — Earthquake Relief Efforts (through October 23, 2026)
Authorized, through 12:01 a.m. eastern daylight time on October 23, 2026, all transactions related to earthquake relief efforts in Venezuela that would otherwise be prohibited by the Venezuela Sanctions Regulations (31 CFR part 591). Note 1 covered the processing and transfer of funds on behalf of third-country persons and let U.S. financial institutions and registered money transmitters rely on the originator. It did not unblock blocked property or authorize what other executive orders prohibit. Superseded by GL 60A on October 16, 2026.
GL 5X — PdVSA 2020 8.5% Bond (on or after August 4, 2026)
Authorizes, on or after August 4, 2026, transactions related to, the provision of financing for, and other dealings in the PdVSA 2020 8.5% Bond that would otherwise be prohibited by section 1(a)(iii) of E.O. 13835. Supersedes GL 5W, moving the effective date from June 19 to August 4, 2026; until then, execution against the CITGO Holding share collateral remains prohibited absent a specific license. OFAC reiterates a favorable licensing policy toward a bond restructuring agreement.
GL 59 — Supply of Goods and Services Involving Conviasa
Authorizes the supply of certain items and services involving Consorcio Venezolano de Industrias Aeronáuticas y Servicios Aéreos, S.A. (Conviasa), the state airline: payment processing through the U.S. financial system, sales and purchases, transport, maintenance and repair, and transactions ordinarily incident to airline operations. Broadens the prior GL 45B (repatriation, 2024) framework. Does not lift the remaining sanctions on the Government of Venezuela.
GL 24A — Telecommunications and Mail
Authorizes transactions ordinarily incident to the receipt and transmission of telecommunications, and the sending of mail and packages to, from, and within Venezuela, involving the Government of Venezuela. Updates and replaces GL 24 (Aug 5, 2019). Does not lift the remaining sanctions.
GL 48B — Supply of Goods and Services to Venezuela
Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production, and for electricity generation, transmission, storage and distribution in Venezuela. Supersedes GL 48A.
GL 50B — Oil or Gas Sector Operations of Listed Entities
Authorizes transactions related to oil or gas sector operations in Venezuela of the entities listed in the Annex and their subsidiaries, subject to U.S./allied law and forum and Treasury routing of payments —including royalties and taxes. Supersedes GL 50A.
GL 51B — Trade in Venezuelan-Origin Minerals, Including Gold
Authorizes an established U.S. entity to export, sell, store, purchase, deliver and transport Venezuelan-origin minerals —including gold— in transactions involving the Government of Venezuela and CVG Minerven, including processing and refining. Subject to U.S./allied law and forum and Treasury payment routing. Supersedes GL 51A.
GL 47A — Sale of U.S.-Origin Diluents to Venezuela
Authorizes the export, sale, supply and transport of U.S.-origin diluents to Venezuela in transactions involving the Government of Venezuela and PdVSA, subject to U.S./allied law and forum. Supersedes GL 47.
GL 54A — Goods and Services for Minerals Operations in Venezuela
Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for exploration, development, mining, extraction, processing, refining and production of minerals —including gold— in Venezuela, via CVG Minerven. Does NOT authorize forming new mining joint ventures. Supersedes GL 54.
GL 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.
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.
GL 58 — Services to the Government of Venezuela for Potential Debt Restructuring
Authorizes provision of legal, financial advisory, and consulting services to the Government of Venezuela, including PDVSA, in connection with potential debt restructuring. Does not authorize the restructuring itself, transfer, settlement, or direct negotiations between the Government of Venezuela and its creditors.
GL 5W — PDVSA 2020 8.5% Bond
Authorizes certain transactions related to the PDVSA 2020 8.5% bond on or after June 19, 2026. Supersedes GL 5V and extends the regime initiated with GL 5 (2019) protecting CITGO Holding from bondholder execution on collateral. The shortest extension in the series (45 days) signals Treasury coordination with the CITGO sale process in the Delaware court.
GL 56 — Commercial Negotiations Across All Sectors
Authorizes negotiating contingent contracts with the Government of Venezuela across all economic sectors, expressly conditioning performance on a separate OFAC authorization. Structural milestone of the 2026 regime.
GL 57 — Financial Services with BCV and Named State Banks
Authorizes provision of U.S. financial services (accounts, payments, correspondent banking, cards, digital payments) with the Banco Central de Venezuela and four named state banks, subject to full AML/FinCEN compliance obligations.
GL 51A — Venezuelan-Origin Gold Transactions
Amended version of GL 51 authorizing transactions with Venezuelan-origin gold under certified chain of custody and quarterly OFAC reporting.
GL 55 — Contingent Contracts for Investment in Venezuela’s Minerals Sector
Complements GL 54 authorizing technical services, heavy equipment, and environmental consulting to the Venezuelan mining sector.
GL 54 — Mining Sector (Gold and Non-Precious Minerals)
Authorizes operations in the Venezuelan mining sector including coltan, iron, bauxite, and gold outside the Orinoco Mining Arc.
GL 53 — Official Missions of the Government of Venezuela to the United States
Authorizes provision of goods and services in the U.S. to official Government of Venezuela missions (embassy and consulates) and to permanent missions to international organizations headquartered in the U.S. Allows U.S. financial institutions to operate accounts, process funds transfers, and extend credit to mission employees.
GL 5V — PdVSA 2020 8.5% Bond (on or after May 5, 2026)
Authorized, on or after May 5, 2026, transactions related to the PdVSA 2020 8.5 percent bond otherwise prohibited by subsection 1(a)(iii) of E.O. 13835. Superseded GL 5U (February 2, 2026) effective March 19, 2026, moving the effective date from March 20 to May 5, 2026. Superseded by GL 5W on May 4, 2026.
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