US says it will allow resale of Venezuelan oil to Cuba

Source: Reuters

February 25, 2026 1:26 PM EST Updated 1 hour ago


WASHINGTON, Feb 25 (Reuters) - The U.S. Treasury Department said on Wednesday it would authorize companies seeking licenses to resell Venezuelan oil to Cuba, according to guidance posted on the department's website, a move that could help ease the island's acute fuel scarcity.

Since Washington took control of Venezuela's oil exports in early January in the aftermath of the capture of Venezuelan leader Nicolas Maduro,

Venezuela had been for more than 25 years the main supplier of crude and fuel to its political ally Cuba through a bilateral pact mostly based on barter of products and services. Mexico, which had emerged as an alternate supplier, also has halted shipments to the Caribbean island since a fuel cargo arrived in Havana in January, according to shipping data.

Large trading houses including Vitol and Trafigura handle the lion's share of Venezuela's oil exports, with millions of barrels exported to the U.S., Europe and India, and millions of additional barrels stored at Caribbean terminals for resale.

Read more: https://www.reuters.com/business/energy/us-allow-resale-venezuelan-oil-cuba-treasury-department-says-2026-02-25/