Written by: La Tabla/Data Journalism Platform 3 FEB 2026
Today, the U.S. government has officially lifted the ban on the sale of diluents manufactured in the U.S. to Venezuelan companies, including the Venezuelan government and its state-owned company Petróleos de Venezuela, S.A. (PDVSA), through the issuance of General License No. 47 by the Office of Foreign Assets Control (OFAC) of the Department of Treasury.
This decision reverses one of the oldest and most critical restrictions imposed as part of the economic sanctions against Venezuela, which began in 2019 and were intensified under the previous administration. The ban on access to U.S. diluents has been a decisive factor in the historic decline in Venezuelan oil production, dropping from over 3 million barrels per day a decade ago to less than 500,000 barrels in recent times.
Why are diluents essential?
Diluents, such as condensates and specific specialized naphthas, are vital inputs for processing the heavy and extra-heavy oil that makes up a majority of Venezuela’s reserves. Without them, PDVSA has been forced to use less efficient alternatives, like local naphtha or light crude, leading to a decrease in exportable volumes, increasing costs, and affecting the final quality of the blended crude.
The new license authorizes transactions related to the export, sale, transport, and delivery of U.S.-origin diluents, along with associated logistical and payment services. However, the authorization includes strict conditions:
1. Contracts must be subject to the jurisdiction of U.S. courts.
2. Payments in Venezuelan cryptocurrencies (like the petro), gold, or debt swaps are prohibited.
3. Companies linked to Iran, North Korea, or Cuba are excluded.
4. Exporting companies must report every 90 days to the Department of State and Energy details of transactions, including involved parties, volumes, and values.
Energy sector experts estimate that access to U.S. diluents could allow Venezuela to increase its production by 20% to 30% in the short term, provided that there is a continuous flow of these inputs. The measure could also reduce Venezuela’s reliance on Iranian diluents, which had been used as an alternative during the ban.
The license does not signify a broad lifting of sanctions against PDVSA or the Venezuelan government, but it marks a significant strategic shift in Washington’s energy policy towards Caracas amid volatile global prices and geopolitical realignments.