Trip Signals Washington’s Push To Stabilize Venezuelan Crude Output, Reshape PDVSA Leadership, & Expand Sanctioned Investment Pathways

Wednesday, February 11, 2026, 10:15 A.M. ET. 5 Minute Read, By Haylee Ficuciello, Economy & Finance Editor: Englebrook Independent News,

WASHINGTON, DC.- U.S. Energy Secretary Chris Wright is traveling to Venezuela this week for high-level talks centered on oil production, investment conditions, and the future management of the country’s state-run energy giant PDVSA, in what sources describe as the most significant U.S. energy-focused visit to the OPEC nation in nearly three decades.

     According to reporting and sources familiar with the preparations, Wright is scheduled to arrive in Caracas on Wednesday and remain in-country through Friday, holding meetings with senior Venezuelan officials and international oil executives while also touring key production sites.

A Trip Timed To A Major U.S. Sanctions And Licensing Move;

Wright’s visit comes immediately after a significant U.S. policy shift: the U.S. Treasury Department issued a general license that facilitates certain oil and gas activities in Venezuela, including exploration and production, an action widely viewed as easing sanctions on the energy sector, even as key limitations remain.

     Under the terms described in public reporting, the license enables the provision of U.S. goods, technology, and services to support Venezuela’s oil and gas activity, while restricting the formation of new joint ventures and routing certain payments involving sanctioned entities through a U.S.-supervised fund structure.

     The timing matters. Wright’s agenda is expected to focus not only on barrels and contracts but also on whether Venezuela can establish the governance and operational stability needed for large-scale, long-horizon capital investment, which energy markets require before committing billions to heavy-oil infrastructure.

Who Wright Is Expected To Meet, And What’s On The Table;

     Sources cited in recent reporting say Wright plans to meet with interim President Delcy Rodríguez and other senior energy officials, and to engage with executives from major foreign operators with exposure to Venezuela, including Chevron and Repsol.

     His itinerary is also expected to include a visit to Petropiar, a major project in Venezuela’s Orinoco Belt, the heavy-oil region that underpins the country’s long-term production potential but also represents some of the world’s most technically demanding and capital-intensive upstream development.

     In parallel, Wright has indicated the United States wants to address PDVSA’s internal dysfunction. Reporting tied to the trip says U.S. officials intend to raise concerns about PDVSA’s future leadership, arguing that the company’s decline, driven by years of underinvestment and operational breakdowns, has become a principal barrier to restoring production reliability and attracting outside capital.

Why PDVSA Management Is Now Central To Oil Talks;

     Venezuela holds some of the largest oil resources in the world, yet its industry has suffered a prolonged production slide. Analysts cite deteriorating infrastructure, skilled-labor flight, chronic power outages, and persistent financing constraints, conditions that make increasing output far more complex than simply lifting sanctions.

     Wright has contrasted PDVSA’s historical reputation as a technically competent national oil company with its current operational state, aligning with the administration’s view that management reform must be a precondition for sustained international investment.

     This issue is central for markets. Institutional investors and global operators price political risk, contract enforceability, and counterpart reliability into every major decision. If PDVSA cannot reliably produce, blend, transport, and export heavy crude without repeated disruptions, even relaxed licensing regimes may fail to translate into durable production gains.

The Production Baseline, And What The U.S. Expects Next;

     Venezuela is currently producing near 1 million barrels per day, according to figures cited in reporting on the newly issued U.S. license. The U.S. Energy Information Administration is cited as expecting output could rise by as much as 20 percent, provided operational improvements and investment pathways hold.

     The reporting also notes that Venezuela’s National Assembly recently passed reforms to the country’s core oil framework designed to grant foreign investors greater autonomy, an explicit attempt to attract international capital back into the sector after years of isolation.

The Broader Economic And Geopolitical Context;

     Wright’s trip is unfolding amid a broader U.S. policy effort described as a reconstruction and energy-stabilization strategy, including a reported $100 billion reconstruction plan and a $2 billion oil supply agreement referenced in coverage of recent U.S.–Venezuela energy moves.

     Within that framework, the administration appears to be pursuing several objectives simultaneously:

• Increasing reliable Western Hemisphere crude supply, particularly heavy crude grades critical to certain refinery configurations
• Creating compliant investment channels for major operators through licensing and supervised payment structures that avoid direct financial benefit to sanctioned actors
• Rebuilding PDVSA’s operational credibility so production and export systems become investable again

     Even with a license in place, the risk profile remains elevated. Venezuela’s heavy-oil recovery depends on diluents, upgrading capacity, stable electricity, and extensive maintenance. Any pathway to higher output will likely require a multi-year capital cycle, meaning the talks Wright is holding are as much about governance architecture and enforceable rules as they are about immediate production volumes.

What To Watch Next;

Market participants and regional governments will be watching closely for:

     Any formal readout of Wright’s meetings with Venezuelan leadership, particularly regarding PDVSA leadership and governance standards

     Clarification of licensing boundaries, including what services and contracting structures are permissible under the new general license

     Operational signals from site visits, such as Petropiar, that could indicate near-term maintenance and capacity priorities

     For Venezuela, the immediate question is whether legal reform, U.S. licensing, and renewed foreign engagement can translate into credible field-level improvements. For the United States, the test is whether an oil-centered engagement strategy can deliver measurable supply stability without creating new long-term strategic vulnerabilities.

Editor’s Note:

This article was written by Haylee Ficuciello, Economy & Finance Editor, and is based on public reporting published between February 9 and February 11, 2026, detailing Energy Secretary Chris Wright’s planned travel to Venezuela, the U.S. Treasury Department’s issuance of a general license authorizing certain Venezuelan oil and gas activities, and the anticipated agenda, participants, and policy objectives associated with the visit.