March 4 (UPI) — Venezuela state oil company Petróleos de Venezuela S.A. announced signing new contracts to supply crude oil and refined products for the U.S. market.
The agreements were signed with several international trading companies to ensure a stable flow of energy to refineries along the U.S. Gulf Coast, according to a statement from the company.
Although PDVSA did not disclose the names of the parties, the contracts add to existing operations involving major companies such as Chevron, which plans to increase exports to about 300,000 barrels per day this month.
PDVSA said the agreements maintain a “historic commercial relationship” with the United States and reaffirm the company’s “commitment to the stability of the international energy market.”.
The newly signed contracts mark the official return of Venezuelan crude to U.S. refineries after the United States captured former President Nicolás Maduro on Jan. 3.
The agreements were facilitated after the U.S. Treasury Department’s Office of Foreign Assets Control issued licenses, signaling significant changes in Washington’s licensing policy this year.
The authorizations allow U.S. entities to participate in lifting, transporting, storing and refining Venezuelan oil. The current regulatory framework favors companies from the United States and Western countries, while maintaining strict restrictions on entities from countries such as China, Russia and Iran.
In addition to Chevron, four other oil companies — BP, Eni, Shell and Repsol — have received authorization to resume operations and sign investment agreements in Venezuela.
In its statement, PDVSA reiterated the Venezuelan government’s call for the removal of sanctions on the country’s energy industry.
“The Venezuelan nation reiterates the need for a hydrocarbon industry free of sanctions in order to boost national production and strengthen international trade,” the company said.
Through these contracts, PDVSA aims to restore its position as a strategic supplier in a global market that continues to demand heavy crude, while Washington seeks to use Venezuelan oil to stabilize domestic fuel prices and reduce dependence on other suppliers.
During his State of the Union address, President Donald Trump highlighted the arrival of 80 million barrels of Venezuelan crude, describing Venezuela as a “new friend and partner” in energy cooperation.
U.S. Interior Secretary Doug Burgum visited Venezuela on Wednesday, marking a new step in the energy and diplomatic agenda between Washington and Caracas.
Since January, Burgum has led discussions with executives from Chevron, ExxonMobil and ConocoPhillips aimed at granting general licenses that would allow private operations in the country, local outlet Efecto Cocuyo reported.
The plan aligns with Trump’s “Energy Dominance” policy, a central strategy of the administration designed to position the United States as a global energy superpower.
Under the approach, U.S. companies would provide private capital without federal subsidies, while the government would guarantee security and stability for investments.