President Donald Trump announced a significant shift in U.S. policy toward Venezuela by rescinding Chevron’s license to operate in the country, a move aimed at applying increased pressure on President Nicolas Maduro.
In a post on Truth Social, Trump criticized Maduro for failing to deliver on electoral reforms and repatriation agreements concerning Venezuelan migrants.
Though Trump did not specifically name Chevron, his remarks pertain to the license granted on November 26, 2022, by the Biden administration for the U.S. oil company to function within Venezuela’s energy sector.
This decision marks a dramatic reversal from the previous administration’s approach, aiming once again to isolate Maduro’s government, which Trump accuses of corruption and undermining democratic processes.
Venezuelan Vice President Delcy Rodriguez denounced the new sanctions, arguing they exacerbate migration issues and reflect failed U.S. foreign policies. The White House has not responded to requests for further commentary, and Chevron is currently assessing the implications of this policy reversal.
U.S. Secretary of State Marco Rubio indicated that further reviews and possible cancellations of other Biden-era oil licenses would follow, underscoring a renewed push to dismantle any financial support to Maduro’s government.
The termination of Chevron’s license would halt the company’s export of approximately 240,000 barrels per day of crude oil from Venezuela, a significant portion of the nation’s oil output, and impacting U.S. refineries due to existing sanctions.
Chevron’s operations have been a considerable source of revenue for the Maduro administration, contributing significantly to the Venezuelan economy through royalties and taxes.However, Trump’s move suggests a renewed strategy of “maximum pressure” on Venezuela, reminiscent of his first term’s policies.
The revocation of Chevron’s license, set to take effect with the option of renewal by March 1, leaves the immediate future of Venezuelan oil shipments to the U.S. uncertain.
Maduro’s regime continues to dismiss U.S. sanctions as illegitimate, attributing many of Venezuela’s economic difficulties to these external pressures.
