NextFin News - In a move that signals a profound shift in Western Hemisphere geopolitics, U.S. President Donald Trump announced on Friday, February 13, 2026, his intention to visit Venezuela. This announcement coincided with the U.S. Treasury Department’s decision to grant sweeping licenses to five of the world’s largest energy companies—Chevron, BP, Shell, Eni, and Repsol—allowing them to resume large-scale oil and gas operations in the South American nation. The decision effectively dismantles the core of the 2019 oil embargo, marking a new era of U.S.-led energy management in the region.
The diplomatic and economic breakthrough follows a high-level mission to Caracas earlier this week by U.S. Energy Secretary Chris Wright, who met with interim leader Delcy Rodriguez. According to Free Malaysia Today, Wright characterized the previous embargo as "essentially over" and called for a "dramatic increase" in Venezuelan production to stabilize global energy markets. Under the new framework, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) will oversee financial transactions, requiring royalties to be paid into U.S.-approved accounts to ensure funds are utilized for the country’s economic recovery under the supervision of the Trump administration.
The timing of this pivot is rooted in a pragmatic assessment of global energy security. Venezuela holds the world’s largest proven oil reserves, estimated at over 303 billion barrels. However, production had plummeted from 3 million barrels per day (bpd) 25 years ago to a historic low of 360,000 bpd in 2020. While output recovered to approximately 1.2 million bpd in 2025, the U.S. President now views the rapid rehabilitation of the Venezuelan energy sector as a critical counterweight to OPEC+ influence and a means to lower domestic energy costs. By authorizing European giants like Eni and Repsol alongside Chevron, the administration is building a Western coalition to revitalize infrastructure that has suffered from years of underinvestment and mismanagement.
From an analytical perspective, the Trump administration’s strategy represents a transition from "maximum pressure" to "maximum integration." By installing a supervised financial mechanism for oil revenues, Washington is effectively exercising a form of economic trusteeship. This approach serves two primary purposes: it prevents the resurgence of influence from adversarial nations such as Russia, China, and Iran—who are explicitly barred from the new licenses—and it ensures that the "spoils" of Venezuela’s recovery are shared with American and allied corporations. According to Les Affaires, the U.S. President has been blunt about this arrangement, promising that both nations will share in the benefits of the renewed exploitation of resources.
The market impact of this policy is expected to be significant. The inclusion of BP and Shell in the waiver list suggests that the U.S. is leveraging its sanctions authority to dictate the terms of global energy investment. For the oil majors, the risk of operating in Venezuela is now mitigated by the explicit backing of the U.S. government and the legal requirement that disputes be settled in U.S. courts. However, the technical challenges remain immense. Analysts suggest that reaching the 2 million bpd mark will require upwards of $10 billion in immediate capital expenditure to repair dilapidated refineries and pipelines.
Looking forward, the U.S. President’s upcoming visit to Caracas will likely serve as the formal inauguration of a "Marshall Plan" for Venezuelan energy. The geopolitical trend suggests a consolidation of the Americas into a more unified energy bloc, reducing reliance on Middle Eastern and Eurasian supply chains. If the administration can successfully navigate the internal political complexities of Venezuela, this realignment could lead to a sustained period of lower global oil prices and a strengthened U.S. dollar, underpinned by the control of the world’s largest petroleum basin. Nevertheless, the success of this venture hinges on the stability of the interim government and the ability of the U.S. Treasury to maintain a leak-proof financial oversight system against corruption and external interference.
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