U.S. To lift Some Sanctions On Venezuela's Oil Industry As Trump Admin Oversees Sector: Report

The U.S. is set to lift some sanctions on Venezuela's oil industry as the Trump administration continues to take steps to control the country's sector following the capture of authoritarian President Nicolas Maduro, according to a new report.

The goal is facilitating a $2 billion supply deal between Caracas and Washington, as well as a $100 billion reconstruction plan, according to Reuters. Several partners and companies of Venezuela's state-run oil company PDVSA have applied for individual licenses to expand their output and exports, the outlet noted.

Another report noted that Secretary of State Marco Rubio has been given the last word on the use of the revenue from all oil sales from the country.

Spanish outlet ABC News detailed that an executive decree makes the U.S. the sole custodian of all funds resulting from Venezuelan resources. The document, dated January 9, prevents the money from being transferred, seized or subjected to legal proceedings and can only be used if given authorization by Rubio, the outlet added.

Elsewhere in the report, ABC noted that the order's purpose is twofold: protecting the assets from international creditors who are owed by Venezuela and preventing the regime, now led by Delcy Rodriguez, from getting a hold of the funds.

Trading houses Trafigura and Vitol began marketing Venezuelan oil this month after an agreement between Caracas and Washington gave the U.S. control over roughly 50 million barrels of crude, with proceeds placed in the U.S.-supervised fund.

Washington is seeking to channel Venezuelan oil toward Western markets under President Donald Trump's energy plan. According to the Financial Times, the first U.S.-brokered sale went to Vitol in a deal worth about $250 million, followed by a similar transaction involving Trafigura.

The interim leadership in Venezuela led by Delcy Rodríguez has simultaneously moved to attract foreign investment, appointing U.S.-trained economist Calixto Ortega Sánchez to lead the country's main investment agency. Analysts told AFP that the appointment signals an effort to align the country's oil policy with U.S. expectations, though investors remain cautious. "Stability and political clarity" will be required before major capital commitments are made, said Rob Thummel of Tortoise Capital.