Overview

• President Trump revoked a Biden-era license allowing Chevron to operate in Venezuela, setting an April 3 deadline for the company to wind down operations.
• The U.S. cited Maduro's failure to implement electoral reforms or expedite the return of deported migrants as reasons for the decision.
• Chevron's exit could cut Venezuela's oil output by over 200,000 barrels per day and shrink its economy by up to 7.5% this year, according to analysts.
• Venezuela's oil exports had risen in February, with Chevron accounting for a significant portion of shipments to the U.S., its second-largest market.
• The decision has drawn criticism from Venezuelan officials and analysts, who warn it may push more oil exports toward China and further destabilize the region's economy.