Background on Key Figures and Context
The United States has lifted its embargo on Venezuelan oil “essentially,” according to the US Energy Secretary, Chris Wright, following a groundbreaking meeting in Caracas with interim President Delcy Rodríguez. Wright, the highest-ranking US official to visit Venezuela since the military intervention on January 3 that led to Nicolás Maduro’s capture, expressed his commitment to transforming the relationship between the US and Venezuela.
Who are the key figures?
- Chris Wright: The US Secretary of Energy, who is the highest-ranking American official to visit Venezuela since Maduro’s capture.
- Delcy Rodríguez: The interim President of Venezuela, who assumed power following Maduro’s ousting.
- Héctor Obregón: President of Petróleos de Venezuela (PDVSA), the state-owned oil company.
- Félix Plasencia: Venezuela’s representative to the US.
- Laura Dogu: The US chargé d’affaires in Caracas.
Why is this relevant?
The US and Venezuela have not had diplomatic relations since 2019. However, both countries are working towards reestablishing ties. The recent meeting focused on establishing a long-term productive partnership that would benefit both nations, particularly in the energy sector.
Key Points from the Meeting
Lifting of Oil Embargo
Wright announced that the oil embargo imposed by Trump in 2019 has essentially ended. This move reflects the US’s commitment to transforming its relationship with Venezuela under President Trump.
New Opportunities in the Energy Sector
Both Wright and Rodríguez discussed the enormous opportunities available for cooperation in the energy sector. They aim to increase Venezuela’s oil and natural gas production, which would lead to more job opportunities, higher wages, and improved living standards for Venezuelans.
Reform of Hydrocarbons Law
Rodríguez has pushed for a reform of the hydrocarbons law, moving away from a state-controlled model and opening the sector to private investment. This change will facilitate business dealings with the US and increase the flow of dollars.
US Involvement in Venezuelan Oil Trade
Following Maduro’s capture and subsequent trial in New York for drug trafficking, Trump took over part of the commercialization of Venezuelan oil in international markets. The US made an initial sale generating $500 million for the country.
New Steps to Soften Sanctions
On Tuesday, the US announced new measures to ease restrictions on Venezuela’s oil industry by authorizing licenses for supplying equipment to the sector, as well as ship operations and certain port and airport activities.
Venezuela’s Production Goals
Venezuela aims to boost its crude oil production by 18% by 2026 through the revised petroleum law. In 2025, Venezuela achieved a production quota of 1.2 million barrels of oil per day, surpassing its historical low of around 360,000 barrels in 2020. However, this is still far from the 3 million barrels it produced at the turn of the century.
Venezuela’s Hydrocarbon Reserves
Venezuela holds the largest proven hydrocarbon reserves on Earth, estimated at 303 billion barrels.
Key Questions and Answers
- Who attended the meeting? The meeting included Chris Wright, Delcy Rodríguez, Héctor Obregón (PDVSA President), Félix Plasencia (Venezuelan representative to the US), and Laura Dogu (US chargé d’affaires in Caracas).
- What was the purpose of the meeting? The primary objective was to establish a productive, long-term partnership between the US and Venezuela, focusing on the energy sector.
- What changes have been made to Venezuela’s hydrocarbons law? The reform has shifted from a state-controlled model to one that welcomes private investment, facilitating business dealings with the US and increasing dollar inflows.
- What are Venezuela’s production goals? Venezuela aims to increase its crude oil production by 18% by 2026, with a production quota of 1.2 million barrels per day achieved in 2025.
- What are the new US measures to ease sanctions on Venezuela’s oil industry? The US has authorized licenses for supplying equipment to the sector, as well as ship operations and certain port and airport activities.
