US Revokes Oil Licenses for Global Firms Operating in Venezuela

The Biden administration escalates economic pressure on Maduro's regime with new license revocations and a 25% tariff on Venezuelan oil imports.

The United States has revoked licenses for several transnational oil companies, including Repsol, Eni, Maurel & Prom, and Reliance Industries, to operate in Venezuela.
Companies have been given until May 27, 2025, to wind down their operations in the country, according to the US Treasury's Office of Foreign Assets Control (OFAC).
The decision follows the February revocation of Chevron's license, which impacted its production of approximately 220,000 barrels per day in Venezuela.
President Donald Trump has also imposed a 25% tariff on countries importing Venezuelan oil, aiming to further isolate Nicolas Maduro's government economically.
Spain's foreign minister has pledged to defend Repsol's interests, while Venezuela's oil production continues to struggle, declining from over three million barrels per day to around one million over the past 25 years.