MARKET STRUCTURE · REGULATORY · LATIN AMERICA
U.S. Treasury authorizes PDVSA oil sales
Change
On March 18, 2026, the U.S. Treasury issued a broad authorization permitting Petróleos de Venezuela S.A. (PDVSA) to sell Venezuelan oil directly to U.S. companies and on global markets subject to specified limitations.
Why it matters
The Treasury issued the authorization on March 18, 2026. The authorization permits PDVSA to sell Venezuelan oil directly to U.S. companies and on global markets. Transactions executed under the authorization are subject to limitations and conditions set by the Treasury. The authorization applies to commercial sales and trading activity by PDVSA and U.S. counterparties.
Implications
- · Commercial contracts for Venezuelan crude involving U.S. counterparties are subject to Treasury authorization terms.
- · Energy-sector legal and compliance functions apply Treasury conditions to transactions with PDVSA.
- · Contract settlement and payment flows for Venezuelan crude follow authorization parameters.
Who is affected
- · U.S. oil companies
- · PDVSA trading desks
- · Legal and compliance teams at energy firms
- · International crude traders and refiners
What to watch
- · Effective date: March 18, 2026
Source
Topics
World & Politics Trade & Tariffs Law & Public Safety Regulatory Actions Energy & Power Oil & Gas