The licenses reopen a legal pathway for these firms to restart or expand upstream work, trading, and service contracting tied to Venezuelan production, reducing sanctions-related execution risk for near-term projects. This can accelerate incremental barrels coming back to market by enabling equipment imports, field services, and offtake arrangements that were previously blocked or required case-by-case approvals. For refiners and traders, the change increases optionality for sourcing heavier crude streams and structuring compliant cargoes, while shifting leverage in negotiations with alternative suppliers.