By Collin Eaton

The Trump administration on Tuesday let U.S. companies supply Venezuela with equipment and technology needed to boost the country's oil production.

The Treasury Department issued a new general license allowing transactions by U.S. entities to supply "goods, technology, software, or services for the exploration, development, or production of oil and gas in Venezuela," according to the Treasury's Office of Foreign Assets Control.

While the license covers some supply-related transactions, the U.S. is still expected in the near future to offer broader licenses allowing more American oil companies to invest and drill in the Latin American country.

President Trump has urged U.S. oil companies to plow $100 billion into Venezuela to revamp its dilapidated oil industry and has been speaking with American oil companies about loosening restrictions the U.S. had put in place to pressure the government of Nicolás Maduro in recent years.

American oil companies thus far have said they see opportunities in pumping Venezuela's oil but first want to see a host of changes to the country's legal system and enhanced security following Maduro's ouster.

The Treasury's license limits certain payment terms with the government of Venezuela and doesn't allow transactions involving entities in Russia, Iran, North Korea, Cuba or China, among other restrictions. The license's authorizations apply to U.S. companies generally.

Write to Collin Eaton at collin.eaton@wsj.com

(END) Dow Jones Newswires

February 10, 2026 19:12 ET (00:12 GMT)

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