The Trump administration announced on Thursday it would ease sanctions on Venezuela’s oil industry as the United States aims to boost production in the South American country following the dictator’s arrest. Nicolás Maduro earlier this month.

The U.S. Treasury said authorized transaction Involving the Venezuelan government and state-owned oil company PdVSA, these “are generally necessary for U.S. entities to refine, export, re-export, sell, resell, supply, store, market, purchase, deliver or transport Venezuelan-produced petroleum (including refining such petroleum).”

The new licenses include significant exemptions and sanctions against individuals or entities from Russia, Iran, North Korea or Cuba remain completely unchanged.

Trump’s boldest intervention yet shows Venezuela’s future still has a long way to go

Following the arrest of dictator Nicolas Maduro, the Trump administration moved to ease sanctions on Venezuela’s oil industry, allowing limited trading. (Andrew Harnick/Getty Images)

It also excludes transactions with blocked ships, Chinese-owned or controlled entities operating in Venezuela or the United States, as well as debt swaps, gold payments or cryptocurrency payments, including Venezuela’s petro.

The proclamation was issued during the Pres. Donald Trump Promote Venezuela to expand oil production.

“We have major oil companies Go to Venezuela now, do some scouting and choose the location, they will bring back huge wealth to Venezuela and the United States and the oil companies will do well. “Trump said at a cabinet meeting on Thursday.

Rubio says the U.S. has no plans to use force in Venezuela, but warns “imminent threats” could change that

President Donald Trump holds a cabinet meeting in the Cabinet Room of the White House on January 29, 2026 in Washington. (Brendan Smialowski/AFP via Getty Images)

Trump also announced at the meeting Commercial airspace over Venezuela The flights will reopen after the U.S. Federal Aviation Administration (FAA) issued an emergency notice earlier this month, preventing U.S. aircraft from operating civilian flights over the South American country.

“I just spoke to the president of Venezuela and told her that we are going to open all commercial airspace over Venezuela,” Trump said. “American citizens will be able to travel to Venezuela very soon and they will be safe there. It’s very tightly controlled.”

Click here to download the Fox News app

President Donald Trump speaks during a Cabinet meeting at the White House, Thursday, Jan. 29, 2026, in Washington, as Secretary of State Marco Rubio looks on. (AP Photo/Evan Vucci)

Earlier Thursday, the Venezuelan government approved the opening of National oil sector moves toward privatizationActing President Delcy Rodriguez signed the reform law, a move that overturns the core tenets of the socialist movement that has ruled the country for more than two decades.

Fox News Digital’s Diana Stancy and The Associated Press contributed to this report.