TotalEnergies Signs Deal Paving Way Back Into Venezuela

TotalEnergies signed a deal with Venezuelan leader Delcy Rodriguez, according to wire reports, paving the way for the French oil major to return to a country it had largely exited under US sanctions pressure. The agreement was announced alongside separate reporting confirming Rodriguez's signature on the pact. The deal matters because Venezuela holds some of the world's largest proven oil reserves, and a return by a major Western producer would mark a shift in how international oil companies are treating the sanctioned country. It follows a pattern of energy majors testing renewed access to Venezuelan crude. What remains unresolved is whether US sanctions policy will permit TotalEnergies to actually resume production and exports, and on what timeline.