Oil

Following the United States’ military invasion of Venezuela on 3 January 2026, Venezuela’s oil sector is undergoing widespread transformation. US sanctions against Venezuela have been lifted, and reforms in and outside of Venezuela establish US control over oil production and sales. Oil production is increasing, though Venezuela’s trading partners have changed to adhere to the conditions set out in US licences. Overall, there is a greater role for foreign private capital in the hydrocarbons sector. With these developments, there is renewed international attention on Venezuelan oil.