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The warning comes just days after U.S. and Iranian officials held diplomatic talks in Oman on Feb. 6, following President Donald Trump’s repeated threats on Tehran with airstrikes.

ConocoPhillips CEO Ryan Lance’s priority in Venezuela is recouping billions his company is owed almost two decades after its oil projects were nationalized, rather than drilling new wells. 

The Trump administration issued a general license expanding the ability of oil companies to operate in Venezuela, a significant step to ease sanctions under the new leadership in Caracas.

Oil executives and industry leaders have stressed companies need political and legal reforms, contract certainty and security guarantees before investing in Venezuela.

U.S. military forces seized a seventh tanker near Venezuela on Jan. 20 as the Trump administration continues to pressure the South American country to halt its use of sanctioned ships.

The U.S. government plans to allow more trading companies beyond Vitol Group and Trafigura Group to purchase Venezuelan crude, a Trump administration official said.

Venezuela’s acting President Delcy Rodríguez used her first state of the union message Jan. 15 to advocate for opening the crucial state-run oil industry to more foreign investment.

The supertanker Marbella, whose location was a mystery for more than a year, turned on its transponder this past weekend to reveal it was sitting off the coast of Venezuela.

The Veronica is the fourth tanker seized since the U.S. ouster of Venezuela President Nicolás Maduro in a surprise nighttime raid almost two weeks ago.

TotalEnergies CEO Patrick Pouyanne said it would take years to increase Venezuela’s oil output to above 3 million barrels a day from less than 1 million currently.