Venezuela's PDVSA Restricts Oil Sales to Licensed Companies

State oil firm limits exports, preventing drainage of storage tanks

Published on Feb. 13, 2026

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According to sources, Venezuela's state-run oil company PDVSA has refused to sell oil to companies without individual U.S. licenses in the past two weeks, limiting exports and preventing the country from draining brimming storage tanks faster. The general licenses issued by the U.S. to allow oil exports have left many conditions open to interpretation, raising questions about what is permitted.

Why it matters

Venezuela depends on oil export revenue to run its government, and the restrictions on sales are limiting its ability to generate much-needed funds. The complex nature of the U.S. licenses has also made banks reluctant to finance Venezuelan oil trade transactions, which could present complications for smaller players looking to participate.

The details

PDVSA executives are requiring specific U.S. guidance on which companies they can trade with and clearer trading terms so they can track cargoes and secure proceeds. The broad nature of the general license has left many conditions open to interpretation, raising questions about what is permitted and what is off limits. Some potential buyers are also waiting for internal compliance clearances before engaging with PDVSA as the terms are clarified over time.

  • In the past two weeks, PDVSA has refused to sell oil to companies without individual U.S. licenses.
  • Last month, the U.S. granted a general license that broadly permits oil exports, as well as individual licenses to traders Trafigura and Vitol.
  • The Treasury Department's Office of Foreign Assets Control issued two additional general licenses on Friday, allowing more oil and gas producers to operate in Venezuela.

The players

PDVSA

Venezuela's state-run oil company.

Trafigura

A trading company that received an individual license to export Venezuelan oil.

Vitol

A trading company that received an individual license to export Venezuelan oil.

Chevron

An oil company that received a restricted U.S. license last year to export Venezuelan crude to the U.S.

Nicolas Maduro

The Venezuelan president who was recently captured.

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What they’re saying

“The President's team is working around the clock to field requests from oil ​and gas companies.”

— Taylor Rogers, White House spokeswoman (Reuters)

What’s next

The Treasury Department is expected to provide further clarification on the terms of the general licenses over time, which could help address the reluctance of some banks to finance Venezuelan oil trade transactions.

The takeaway

The complex nature of the U.S. licenses governing Venezuelan oil exports is limiting the country's ability to generate much-needed revenue, as PDVSA restricts sales to only those companies with individual licenses. This highlights the ongoing challenges Venezuela faces in accessing global oil markets due to U.S. sanctions.