U.S. companies will now be allowed to do business with Venezuela’s state-owned oil and gas firm, as the Trump administration has moved to further ease sanctions on the country as part of its broader effort to ease crude oil supply disruptions caused by the war in Iran. 

On Wednesday, the Treasury Department’s Office of Foreign Assets Control issued a general license authorizing certain transactions involving Petroleos de Venezuela, S.A., more simply known as PdVSA. The license will allow the state-owned fossil fuel company to directly sell Venezuelan oil and gas to U.S. businesses that existed before Jan. 29, 2025, with certain stipulations.