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US Revokes Oil Licenses and Imposes Tariffs to Pressure Venezuela

The United States has revoked licenses for major oil companies operating in Venezuela and introduced a 25% tariff on countries importing its oil, intensifying economic isolation of Nicolás Maduro's government.

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The logo of Repsol is seen near a fuel station in Malaga, Spain, April 24, 2024. REUTERS/Jon Nazca/File Photo
Venezuela's oil industry, one of its few revenue spinners, is in trouble after the United States revoked the licenses of US and transnational energy firms operating in the country
Venezuela says the United States has revoked several transnational oil and gas companies' licenses to operate in the country

Overview

  • The US has revoked operational licenses for Chevron, Repsol, Maurel & Prom, and Eni, with companies required to cease activities in Venezuela by May 27, 2025.
  • President Donald Trump has imposed a 25% tariff on countries purchasing Venezuelan oil, further targeting the country's key exports.
  • The sanctions are part of a broader US strategy to isolate Nicolás Maduro's government, whose legitimacy remains contested following disputed elections.
  • Venezuela's oil production, already at historic lows of around one million barrels per day, is expected to face further declines due to the sanctions.
  • The loss of foreign energy companies may disrupt Venezuela's energy infrastructure, worsening its economic crisis and risking further blackouts.