US Embargo on Venezuelan Oil 'Essentially Ended,' Says Secretary of Energy
The United States embargo on Venezuelan oil 'has essentially ended,' declared Wednesday the Secretary of Energy of the Donald Trump administration, Chris Wright, after a meeting in Caracas with the acting president, Delcy Rodríguez.
TL;DR
- U.S. Secretary of Energy Chris Wright declared the U.S. embargo on Venezuelan oil has "essentially ended" after a meeting with Venezuelan officials.
- Venezuelan President Nicolás Maduro's government approved an oil reform law allowing foreign investment in the sector.
- U.S., European, and South American companies are expected to participate in Venezuela's oil industry.
- Venezuela's oil production reached 1.2 million barrels per day in 2025, with a goal to increase it by 18% in 2026.
- Venezuela holds the world's largest proven hydrocarbon reserves, estimated at 303 billion barrels.