US Issues License for Oil and Gas Exploration in Venezuela

The vessel tanker Bella 1 at Singapore Strait, after U.S. officials say the U.S. Coast Guard pursued an oil tanker in international waters near Venezuela, in this file picture taken from social media on March 18, 2025. Hakon Rimmereid/via ReutersThe U.S. Treasury Department issued a general license on Feb. 10 authorizing the exploration, development, and production of oil and gas in Venezuela—a long-awaited step to help increase crude output from the country.The license allows U.S. citizens to conduct specific oil and gas-related transactions with the Venezuelan government, including providing goods, technology, software, and services for exploration work, development of new oil and gas sites, or production.