US Allows Major Oil Companies to Resume Energy Production in Venezuela

The refinery El Palito in Puerto Cabello, Carabobo state, Venezuela, on Jan. 22, 2026. Ronaldo Schemidt/AFP via Getty ImagesMajor oil companies can resume operations in Venezuela after the U.S. government loosened its restrictions on the Latin American nation’s energy industry.The Treasury Department’s Office of Foreign Assets Control issued a broad license on Feb. 13 permitting BP, Chevron, Eni, Shell, and Repsol to restart their oil and gas operations in Caracas.