LatinNews Daily - 11 February 2026

*The US Treasury Department’s Office of Foreign Assets Control (Ofac) has issued three new general licences that ease US sanctions on the Venezuelan oil sector. The licences permit US involvement in the provision of goods, technology, software, or services for oil and gas exploration and production; ease restrictions on the use of ports and airports in Venezuela; and permit transactions relating to “the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan origin oil, including the refining of such oil, by an established U.S. entity”. The general licences contain some restrictions, including on the formation of new joint ventures in Venezuela to explore or produce oil or gas, and on the supply of diluents to Venezuela.