US and Venezuela Expand Oil Trade and Investment Deals

The United States and Venezuela have established a surge in energy trade and investment following the removal of President Nicolas Maduro in January 2026. Kyle Haustveit, U.S. Energy Under Secretary, announced that U.S. refineries are now importing over 500,000 barrels per day of Venezuelan oil, which represents nearly half of the country's total output of 1.25 million barrels per day. In exchange, the U.S. is exporting more than 100,000 barrels of naphtha daily to help Venezuela scale its production.

During the IMAGE 2026 energy conference in Houston, the state-owned company Petróleos de Venezuela, S.A. (PDVSA) signed two major agreements with American firms. Hunt Oil Company secured a production participation contract for two onshore fields in eastern Venezuela, while SLB entered a framework alliance to conduct nationwide reservoir studies and digital modernization using artificial intelligence.

These developments follow encouragement from President Donald Trump for American and global firms to invest in the region's infrastructure. BP plc has also resumed trading with PDVSA and secured a license to develop the Loran gasfield. While Venezuelan Hydrocarbons Minister Paula Henao touted legal reforms to attract foreign capital, the U.S. government maintains oversight of oil revenues, with reports indicating over $13 billion collected this year. PDVSA Vice President Jovanny Martinez reported a 19.7 percent increase in exports this year, though he noted a continuing natural gas deficit.