Several European energy companies are seeking fresh approval from Washington to resume oil exports from Venezuela, signaling renewed momentum around the sanctioned nation’s crude flows amid a gradual easing of restrictions. Spain’s Repsol, Italy’s ENI, and France’s Maurel & Prom have applied for US licenses or authorizations that would allow them to lift and export Venezuelan oil, according to industry sources. The proposed terms mirror past arrangements that permitted companies to receive crude for refining or resale while supplying fuel to Venezuela as part of debt recovery mechanisms. The applications come after US authorities suspended most Venezuela-related licenses last year, sharply curbing exports and disrupting operations for foreign partners tied to the country’s state oil company.
The push reflects shifting dynamics in US-Venezuela policy following last year’s capture of President Nicolás Maduro and signals a possible recalibration of sanctions imposed since 2019. Companies have been unable to export Venezuelan crude since the second quarter of last year, prompting renewed engagement with US officials in recent weeks. Repsol participated in a White House meeting where the administration encouraged energy firms to consider investment opportunities in Venezuela, according to sources familiar with the discussions. While the US Treasury Department has declined to comment on specific license requests, officials have indicated that sanctions relief could expand under a broader framework tied to oil sector reconstruction. European partners are involved in multiple joint ventures in Venezuela, meaning approvals may be required on a project-by-project basis, adding complexity to the licensing process.
Interest in Venezuelan oil is not limited to European producers. US refiners, international traders, and global oil companies have also submitted license applications linked to crude supply and trading activity. Washington recently granted limited authorizations to trading firms Vitol and Trafigura, allowing initial oil sales estimated at around 500 million dollars. Shipping data shows that at least two tankers have departed Venezuela in recent weeks, delivering cargoes to Caribbean storage hubs. These early movements suggest a cautious reopening of Venezuelan exports under close regulatory oversight, even as broader sanctions architecture remains formally in place. Industry participants view the incremental approvals as a test case for scaling exports without triggering market or political backlash.
The renewed engagement comes as Caracas and Washington agreed earlier this month to a 50-million-barrel crude supply deal, the first step in a far larger plan aimed at revitalizing Venezuela’s oil industry. US major Chevron is expected to receive an expanded license that could increase production and exports, while refiners including Valero Energy and India’s Reliance Industries have held talks related to potential authorizations. Traders Mercuria and Glencore, alongside Marathon Petroleum, are also in discussions with US authorities. For global energy markets, a sustained return of Venezuelan crude could modestly ease supply tightness and influence pricing dynamics, particularly if sanctions relief accelerates. The outcome of pending license decisions will shape whether Venezuela’s oil sector can re-integrate into international markets after years of isolation.
