Venezuelan state oil firm PDVSA has turned down cargo offers from firms lacking individual U.S. licenses over the past fortnight, sources said. The move stalls exports and keeps oil stockpiles from draining quickly. Washington issued a broad general license and separate authorizations for traders Trafigura and Vitol, covering oil worth $ billions.

Venezuela relies on oil revenues to fund its government, and the general license was meant to ease sanctions after President Nicolás Maduro’s recent re‑election. Yet buyers argue the license’s vague terms leave many conditions open to interpretation, prompting PDVSA executives to demand clearer guidance and concrete trading terms before they can track shipments and secure proceeds.

U.S. banks remain hesitant to finance the trade, citing compliance risk, which disadvantages smaller traders while large houses like Vitol and Trafigura continue moving the bulk of shipments. Export data show Venezuelan crude rose to 800,000 barrels per day in January, still shy of last year’s average, limiting the pace at which accumulated inventories can be cleared.

On Friday the Treasury’s OFAC released two additional general licenses, allowing majors such as Chevron, BP, Shell and Repsol to expand Venezuelan operations. Because the new authorizations exclude debt‑repayment swaps, partners still struggle to recover millions owed, leaving the country’s fiscal outlook dependent on a narrow set of licensed traders.