News Brief

February 3, 2026

U.S. to begin allowing companies to produce Venezuelan oil

The Trump Administration will soon begin allowing companies to pump oil in Venezuela, according to Bloomberg News.

The Treasury Department plans to begin issuing licenses as soon as this week, the outlet reported. The administration had previously begun allowing companies to buy and sell Venezuelan oil after easing sanctions on the country following the U.S. military action that captured Venezuelan President Nicolás Maduro.

The Trump Administration had granted licenses to trade Venezuelan oil to Vitol and Trafigura, two trading companies that have been previously prosecuted for bribery, according to the Washington Post.

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