The US has authorised five major oil firms to operate in Venezuela as President Donald Trump announced plans to visit the country, marking a significant shift in policy.

WASHINGTON: President Donald Trump announced plans to visit Venezuela as his administration authorised five major oil companies to resume operations in the sanctioned country. The Treasury Department’s Office of Foreign Assets Control granted general licenses to BP, Chevron, Eni, Repsol and Shell for transactions related to Venezuela’s oil and gas sector.

These licenses require payments in royalties to go to accounts designated by the US Treasury. A second license permits companies to negotiate for potential investments, though participation by China, Iran and Russia remains barred.

“I’m going to make a visit to Venezuela,” Trump told reporters, adding that a date had not been decided. His comments followed a visit to Caracas by Energy Secretary Chris Wright, who declared the US oil embargo “essentially over.”

Wright met with interim leader Delcy Rodriguez, who has won praise for cooperating with Washington. The administration characterised the sanctions relief as part of Trump’s commitment to “rapidly” reopen Venezuela’s oil industry.

“The United States is committed to restoring Venezuela’s prosperity, safety, and security for the benefit of both the American and Venezuelan people,” a Trump administration media note stated. Chevron welcomed the move, calling the new licenses “important steps.”

The Italian company Eni said it is “currently assessing the opportunities it opens up.” Venezuela produced 1.2 million oil barrels per day in 2025, a figure still far below its peak of 3.0 million bpd 25 years ago.

Separately, the State Department announced it has sent more than six tons of medical supplies to Venezuela. The policy shift follows Trump’s order to seize socialist leader Nicolas Maduro on allegations of drug trafficking earlier this year.

 The Sun Malaysia