United States and Venezuela strike oil deal
Officials said the agreement will restart Venezuelan crude shipments to U.S. refiners under phased licences, a move that could alter near-term global supply.
Mateo Fernandez ·
The United States and Venezuela struck an oil deal on September 11, 2026, reopening a channel for Venezuelan crude and raising prospects for added near-term supply to global markets.
Reaction pending.
How shipments will resume
Officials said the arrangement establishes a phased system of U.S. licences that would allow vetted Venezuelan shipments to reach American refiners while monitoring compliance measures remain in place. The parties described legal and logistical safeguards intended to prevent diversion of cargoes and to ensure transparent payments.
Officials said the initial phase focuses on a small set of refineries and will expand if deliveries meet defined checks. The deal ties sanctions relief to performance, the officials added, making any broader normalization contingent on verifiable shipments and oversight.
Officials cautioned the impact on world oil balances will depend on the pace of exports and responses from other producers. Data showed global stocks and OPEC+ spare capacity will be the main offsets to any incremental barrels from Caracas.
Officials said final licence guidance is expected by September 30, 2026, after which traders and refiners will have a clearer timetable for shipments and the market can reprice supply assumptions.