Venezuela Reopens Oil Wells as Crude Exports Resume Under Tight U.S. Oversight

Venezuela has begun reopening oil wells that were shut during a strict U.S. embargo as crude exports resumed this week under close U.S. oversight, according to sources familiar with operations and shipping data consulted by Reuters.

Two supertankers departed Venezuelan waters late Monday carrying roughly 1.8 million barrels of crude each, marking what may be the first shipments under a proposed 50-million-barrel supply arrangement between Caracas and Washington.

The vessels were heading north toward the Caribbean, where oil traders and refiners often use leased storage facilities, according to LSEG ship-tracking data reported by Reuters.

Oil exports from the OPEC member had largely stalled since December after intensified U.S. pressure sharply curtailed shipments, leaving millions of barrels stranded in storage. During that period, U.S. oil major Chevron was the only company authorized to export Venezuelan crude under a limited U.S. license.

The export freeze contributed to a steep drop in output. Venezuela's crude production fell to about 880,000 barrels per day last week, down from roughly 1.16 million barrels per day in late November, according to independent figures reviewed by Reuters. Production in the Orinoco Belt, the country's main oil region, declined to about 410,000 barrels per day from around 675,000 barrels per day over the same period.

The restart follows moves by the Trump administration to reshape Venezuela's oil sector after U.S. forces captured Nicolás Maduro earlier this month. President Donald Trump last week outlined plans to refine and sell up to 50 million barrels of Venezuelan oil previously blocked by U.S. measures, while keeping broader sanctions in place and allowing only tightly controlled transactions.

Trump has also sought to attract U.S. investment into Venezuela's energy industry, telling oil executives at a White House meeting that American companies would play a central role in rebuilding infrastructure. However, executives struck a cautious tone, as BBC points out.

ExxonMobil Chief Executive Darren Woods said Venezuela was currently "uninvestable," citing past asset seizures and legal uncertainty. "We have had our assets seized there twice," Woods said. "To re-enter a third time would require some pretty significant changes."

U.S. officials say they are coordinating with Venezuela's interim authorities, led by Delcy Rodríguez, while maintaining control over oil sales to preserve leverage. The administration has seized several tankers carrying sanctioned crude and is working on a sales process that would place proceeds into U.S.-controlled accounts.