The Trump administration revoked licenses and waivers on Saturday, barring Western energy firms from operating in Venezuela, sources close to the matter revealed.
This move further isolates President Nicols Maduro from global oil markets.It targets companies like Global Oil Terminals, led by Florida energy tycoon Harry Sargeant III, alongside Spains Repsol and Frances Maurel et Prom.These firms face a deadline of May 27 to halt operations, impacting deals with Venezuelas state-owned PDVSA.The decision also scraps permits for gas companies tied to PDVSA, tightening the economic noose.Previously, the U.S.
Treasury issued authorizations allowing firms to export Venezuelan oil despite sanctions, a workaround now dismantled.Global Oil Terminals must settle financial ties with PDVSA by April 2, clearing debts from asphalt purchases.Trumps Further Crackdown Deepens Venezuelas Oil Isolation.
(Photo Internet reproduction)Sargeant secured a two-year waiver last May to supply the U.S.
and Caribbean, but that lifeline ends now.Chevron, another major player, also received a May 27 cutoff to exit, part of Trumps push for democratic reforms and migrant returns.Venezuela sits on the worlds largest proven oil reserves, yet production has plummeted from 3.2 million barrels daily decades ago to under 1 million today.Sanctions, corruption, and mismanagement crippled PDVSA, slashing output.
Chevrons 240,000 barrels per day once offered relief, but its departure risks further decline.The Treasury remains silent, as do the White House, National Security Council, and State Department.
Repsol, Maurel et Prom, and PDVSA also declined to comment.Trumps Further Crackdown Deepens Venezuelas Oil IsolationMeanwhile, Maduros regime loses critical revenueChevron alone contributed billions in taxes since 2022, per industry estimates.Trumps strategy echoes his first terms maximum pressure campaign, now intensified with tariffs.Venezuela Nears Edge: Machado Supports Trumps Economic Pressure PlayCountries buying Venezuelan oil face a 25% levy on U.S.
trade starting April 2, hitting China, India, and Spain hard.
China, importing 351,000 barrels daily in 2024, may rethink its stance.This escalation aims to choke Maduros finances, linked by Trump to migration and crime, like the Tren de Aragua gangs U.S.
presence.Critics argue it may spike migration further as Venezuelas economy worsens.
Oil prices rose 1% after the tariff news, though U.S.
output cushions global supply fears.For businesses, the stakes are clear: lost investments and disrupted supply chains loom large.Sargeants Republican ties add a political layer, but the core issue is economicVenezuelas oil, once a lifeline, now fuels a standoff with global ripples.