Overview
- U.S. Energy Secretary Chris Wright said Venezuela could add 300,000–400,000 barrels per day in 2026, a national increase of roughly 30–40%.
- Repsol CEO Josu Jon Imaz outlined plans to lift the company’s Venezuelan oil output by more than 50% within 12 months and raise gas production about 10%.
- Treasury guidance requires companies to pay local taxes, permits and fees in Venezuela, while royalties, fixed per‑barrel levies and federal taxes must go to a U.S.-managed Foreign Governments Deposit Fund.
- The U.S. issued general licenses on February 10 that permit a limited group of Western oil firms to operate in Venezuela, and Wright reported strong corporate interest at the IEA ministerial in Paris.
- Outstanding creditor claims complicate investment decisions, with ConocoPhillips prioritizing debt recovery and Wright suggesting debt‑for‑equity style solutions, as oil trades near six‑month highs in London on Iran‑related risks and sanctions disruptions.