US issues Venezuela-related General Licences authorising oil, petrochemical and mineral transactions

16 June 2026

The US has issued 6 Venezuela-related general licences authorising activities and transactions involving sanctioned oil and petrochemical products, minerals, and diluents originating from Venezuela. The GLs have no set expiration dates.

The licences authorise transactions that are prohibited under the Venezuela Sanctions Regulations (31 CFR Part 591), and blocked pursuant to EO 13884 and EO 13850. For more information on US sanctions on Venezuela visit our Venezuela-US page.

• General Licence No.48B authorises certain transactions if they are necessary for the provision of goods or services from the US to produce oil and gas products, or to generate and distribute electricity, in Venezuela. It replaces GL No.48A.

• General Licence No.50B authorises transactions related to oil or gas sector operations of listed entities and their subsidiaries, including Chevron Corporation and Shell PLC. It replaces GL No.50A.

• General Licence No.52A authorises transactions between Petróleos de Venezuela, S.A. (PdVSA) or PdVSA entities and US entities. It replaces GL No.52.

• General Licence No.54A authorises the supply of goods, software and services for the exploration, development, extraction, processing, refining, or production of minerals by the US/US persons in Venezuela. It replaces GL No. 54.

• General Licence No.46C authorises transactions necessary to lift, export, sell, supply, store, market, purchase, or deliver Venezuelan-origin oil to the US by an established US entity. It replaces GL No. 46B.

• General Licence No.47A authorises transactions necessary to lift, export, sell, supply, store, market, purchase, or deliver US-origin diluents to Venezuela. It replaces GL No. 47.

The licences are subject to the following qualifications:

• Any contractual terms concluded with the Government of Venezuela, PdVSA, Minerven, or their entities, must be interpreted in accordance with US law. Any eventual dispute resolution proceedings must occur in the US, the UK, France or Singapore. However, general terms subjecting underlying contractual activity Venezuelan law are permitted.
• Any monetary payment to sanctioned people must be made into the Foreign Government Deposit Funds, or any other account as instructed by the U.S. Department of the Treasury.

OFAC also issued a FAQ related to General Licence 30B. It clarifies that private and commercial flights are authorised to arrive in and depart from airports in Venezuela, as this activity is necessary and related to the use of ports and airports in Venezuela.