US EditionTrump revokes permits for oil companies in Venezuela to pressure Maduro
- US President Donald Trump issued an executive order last week imposing a 25 percent tariff on countries buying Venezuelan oil and gas, as well as revoking licenses for several transnational oil and gas companies to operate in Venezuela.
- The actions are part of Trump's broader 'maximum pressure' campaign to isolate President Nicolas Maduro due to contested elections and a lack of progress on electoral reforms and migrant returns.
- Companies affected by the revocations, including French oil company Maurel & Prom, Spanish oil company Repsol, Italian gas producer Eni, US oil giant Chevron, and Global Oil Terminals, face a deadline of May 27 to wind down operations and settle financial ties with Venezuela's state-owned PDVSA.
- Venezuela's Vice President Delcy Rodriguez stated that Venezuela was prepared for the situation and ready to continue honoring contracts, despite Maduro's criticism that the sanctions amount to an economic war.
- These measures, which aim to cripple Venezuela's economy and pressure Maduro, are expected to further squeeze Venezuela's declining oil exports, which have fallen from 3.2 million barrels daily decades ago to under 1 million barrels daily today, potentially leading to increased migration and global supply concerns, though US output may cushion those fears.
218 Articles
218 Articles
Venezuela Begs Foreign Oil Companies to Stay After Trump Ends U.S. Licenses
Venezuelan Vice President and Oil Minister Delcy Rodríguez on Monday called for foreign oil and gas companies to maintain operations in Venezuela despite the impending termination of licenses granted by the United States during the administration of former U.S. President Joe Biden. The post Venezuela Begs Foreign Oil Companies to Stay After Trump Ends U.S. Licenses appeared first on Breitbart.
U.S. Scraps Foreign Firms’ Licenses to Operate in Venezuela’s Oil Industry
The U.S. Treasury has revoked licenses allowing French oil firm Maurel & Prom and Italian firm Eni to operate in Venezuela and receive oil from PDVSA as payment, further tightening sanctions on Venezuela's oil industry.
Venezuela Maintains Contact with Companies Affected by U.S. License Revocations - teleSUR English
The Bolivarian government has also activated a plan designed to reduce dependence on foreign companies. On Sunday, Vice President Delcy Rodriguez informed that Venezuela maintains fluid communication with the transnational oil and gas companies whose operating licenses were revoked by the U.S. government. RELATED: President Maduro Advances New Strategies to Strengthen Venezuela’s Dollar Exchange System “We were prepared for this situation and ar…
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