Trump Administration Revokes Chevron’s License, Orders Quick Exit from Venezuela
The Trump administration has revoked Chevron’s license, requiring the company to cease its Venezuelan oil operations within 30 days. This decision, announced on April 3, is anticipated to impact the Maduro regime’s finances significantly, given Chevron’s significant percentage of the country’s oil production.
The Trump administration has officially revoked the license that allowed Chevron Corporation to import Venezuelan oil into the United States. This decision mandates that Chevron conclude its oil operations in Venezuela within a restrictive timeframe of 30 days. Previously, the Chevron license had been set to grant a five-month extension, which was renewed automatically on February 1, 2020, thus marking a sudden shift in U.S. policy regarding engagement with Venezuelan oil exports.
This directive is expected to substantially affect the financial stability of the Nicolás Maduro regime, as Chevron is responsible for approximately twenty-five percent of Venezuela’s total oil production. Presently, Chevron contributes around 220,000 barrels per day to Venezuela’s output, which currently totals around 900,000 barrels per day. The U.S. Treasury Department issued the announcement, detailing the necessity for Chevron to cease operations by April 3.
In summary, the Trump administration’s revocation of Chevron’s oil license signals a decisive policy shift towards Venezuela, applying pressure on the Maduro government. The mandated exit from Venezuela within 30 days could significantly diminish oil production and revenues for the regime, potentially affecting its economic standing.
Original Source: www.miamiherald.com
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