The Venezuelan government is appealing to foreign oil and gas companies to maintain their operations in the country despite the recent revocation of U.S. licenses that previously permitted such activities. This development follows President Donald Trump’s decision to terminate authorizations granted during the prior administration, aiming to intensify economic pressure on Venezuela’s socialist regime.
Over the weekend, the Trump administration revoked licenses for several international firms, including Spain’s Repsol, Italy’s Eni, France’s Maurel & Prom, and India’s Reliance Industries. These licenses had allowed companies to operate in Venezuela in compliance with U.S. sanctions imposed in January 2019.
Additionally, the license for California-based Chevron was canceled, with operations required to cease by May 27, 2025. These measures are part of a broader strategy to isolate Venezuelan President Nicolás Maduro and curtail the financial resources of his regime.
In response, Venezuelan Vice President and Oil Minister Delcy Rodríguez called on affected companies to continue their operations under Venezuelan law, emphasizing that state-owned oil company PDVSA maintains production levels and is committed to increasing output. Rodríguez highlighted that companies operating without foreign licenses remain fully operational and invited those impacted by U.S. actions to continue collaborating under existing contracts within Venezuela’s legal framework.
The revocation of licenses has already impacted the global oil market. Venezuela’s oil exports fell by 11.5% in March due to U.S. tariffs and sanctions, causing delays and suspensions of shipments. Buyers in China and India have postponed scheduled cargoes, and companies like Repsol have experienced stock declines, with shares dropping up to 3% following the announcement.
President Trump’s administration maintains that these actions are necessary to pressure Maduro’s government into implementing democratic reforms and addressing human rights violations.
