The Trump administration plans to ease sanctions on Venezuela’s oil sector to increase crude output as the Iran war drives up prices. The moves, expected this week, include issuing licenses for foreign companies to operate in Venezuela. Companies like ONGC Videsh, Maha Capital AB, and J&F Investimentos are likely to receive approval. However, experts say Venezuela’s production gains will be modest, with a potential increase of up to 300,000 barrels per day in 2026, insufficient to offset global

The Trump administration plans to ease sanctions on Venezuela’s oil sector to increase crude output as the Iran war drives up prices. The moves, expected this week, include issuing licenses for foreign companies to operate in Venezuela. Companies like ONGC Videsh, Maha Capital AB, and J&F Investimentos are likely to receive approval. However, experts say Venezuela’s production gains will be modest, with a potential increase of up to 300,000 barrels per day in 2026, insufficient to offset global price spikes.