PDVSA Restricts U.S. Oil Exports to Licensed Traders, Impacting Venezuela's Output and Financing

February 13, 2026 — PDVSA has limited crude sales to only those U.S. companies holding individual or general licenses, sources say, reducing available cargoes and impeding the drainage of oil storage. The Trump administration issued multiple general licenses last month to ease sanctions, including two on February 11, enabling Chevron, BP, Eni, Shell, Repsol, Trafigura, Vitol and others to operate. However, PDVSA requires specific U.S. guidance on trading partners and terms, and U.S. banks are cautious about financing transactions due to compliance complexity and the absence of debt-for-oil provisions. Venezuela’s oil exports rose to 800,000 bpd in January from 498,000 bpd in December, still below last year’s average, leaving storage stocks unrelentingly high.