Overview

• The US has revoked licenses for several transnational oil companies, including Maurel & Prom, Repsol, and Eni, to operate in Venezuela, with a deadline of May 27 to wind down operations.
• French firm Maurel & Prom confirmed the revocation of its license, granted last May, and stated it is part of a broader US initiative targeting international oil companies in Venezuela.
• Spanish oil company Repsol and Italian gas producer Eni were also notified of their license revocations, while Chevron's license was previously revoked in February.
• President Donald Trump issued a 25% tariff on countries purchasing Venezuelan oil or gas, further isolating Venezuela economically and politically.
• Venezuela's oil production has drastically declined over the past 25 years, from over three million barrels per day to about one million barrels per day, exacerbating its economic challenges.