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23h ago

U.S. to Control Venezuelan Oil Sales Indefinitely as Majors Weigh Return

A years-long, capital-intensive rebuild of PDVSA looms despite a short-term bond rally.

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Vaca Muerta genera inversiones inmobiliarias en Añelo.
Supporters march calling for the release of Venezuela's deposed President Nicolas Maduro, following the capture of Maduro and his wife, Cilia Flores, by U.S. forces during U.S. strikes on Venezuela, in Caracas, Venezuela, January 10, 2026. REUTERS/Fausto Torrealba
Con las mayores reservas de petróleo del planeta, Venezuela vuelve a ocupar un lugar clave en la ecuación energética estadounidense.

Overview

  • U.S. officials said Washington will manage Venezuelan crude sales on an open-ended basis and has begun talks with oil companies, with the president indicating the U.S. will decide which firms operate there.
  • Oil benchmarks edged higher, with Brent around $62.17 a barrel and WTI near $57.93, as traders assessed Venezuelan developments alongside broader supply risks.
  • Repsol said it could triple its Venezuelan production to about 135,000 barrels a day within two to three years if legal stability is secured, while ExxonMobil and Chevron evaluate expanded activity under stronger protections.
  • Venezuelan sovereign and PDVSA bonds rebounded sharply, climbing from roughly 10% to about 35% of face value following the reported capture of Nicolás Maduro.
  • Analysts project a slow recovery, with Rystad estimating about $183 billion needed to lift output to 3 million barrels a day by 2040, leaving Brazil, Guyana and Argentina’s Vaca Muerta as nearer-term regional growth drivers.