Closing The Door (Again) On Venezuela

March 14th, 2025:Production and exports will suffer as Chevron license revoked During the first Trump administration, the U.S. ramped up sanctions on Venezuela as part of a “maximum pressure” campaign. The aim was to oust Venezuela’s President Nicolas Maduro and support opposition leader Juan Guaido. The sanctions crippled Venezuela’s economy and its oil industry. Oil production and exports collapsed. Similar to Iran, Venezuela started using a fleet of dark vessels for its sharply reduced oil exports (mostly to India and China). During the Biden administration, Venezuela received some relief. In November 2022, Biden granted Chevron a license to restart operations in Venezuela and in exchange for the promise of free elections in 2024, the U.S. government further relaxed sanctions in October 2023. However, in April 2024, some sanctions were reimposed as the promise of free elections in Venezuela had not been honored, although Chevron maintained their license. The situation changed dramatically in February of this year, when President Trump pulled the license. Chevron will seize operations by the end of the wind down period on April 3rd and the implications for Venezuela are severe; oil production and exports will be compromised, and trade flows will change as a result. Please fill in below form to continue read.