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Trump Revokes Chevron Venezuela Oil License
License Termination Announcement
On Wednesday, U.S. President Donald Trump announced the termination of Chevron’s license to operate in Venezuela’s oil sector. The license was originally granted under Joe Biden’s administration in November 2022.
Reason for Revocation
Trump cited Venezuelan President Nicolas Maduro’s failure to advance electoral reforms and expedite the repatriation of Venezuelan migrants from the United States. He accused Maduro of not fulfilling previously agreed conditions regarding elections and migrant returns.
Impact on Venezuela’s Oil Sector
The revocation, effective March 1, will significantly impact Venezuela’s economy. Chevron currently exports about 240,000 barrels per day from its operations in the country, accounting for over a quarter of Venezuela’s total oil production. Ending the license means:
- Chevron will no longer be able to export Venezuelan crude.
- U.S. refineries will not be able to purchase oil previously exported by Chevron.
- Venezuela’s state oil company, PDVSA, may seek alternative buyers, though U.S. sanctions will limit options.
U.S. Government Response
- U.S. Secretary of State Marco Rubio stated that all Biden-era oil and gas licenses supporting Maduro’s regime would be terminated.
- U.S. Energy Secretary Chris Wright reassured that the move would not impact global supply, as the U.S. remains the world’s largest oil producer.
Economic and Political Reactions
- Venezuelan Vice President Delcy Rodríguez criticized the decision, calling it a “damaging and inexplicable” move that could worsen migration.
- Opposition leader María Corina Machado welcomed the revocation, calling it proof that Trump supports Venezuelans and democracy.
- Chevron acknowledged Trump’s statement and is assessing its implications.
Future Implications
With Chevron’s exit, Venezuela’s oil revenue—estimated at $2.1 billion to $3.2 billion annually from U.S.-approved operations—could decline. Additionally, the fate of Venezuelan crude shipments en route to the U.S. remains uncertain.
Maduro’s government has historically opposed U.S. sanctions, blaming them for economic hardships while simultaneously claiming resilience despite these measures.
“Trump Revokes Chevron Venezuela Oil License” “Trump Revokes Chevron Venezuela Oil License’