The Trump administration has revoked Chevron’s license to export oil from Venezuela, granting the company until April 3 to cease operations. This move, motivated by concerns over electoral reforms under President Maduro, has met with criticism from Venezuelan officials. Chevron plays a critical role in Venezuela’s oil production, contributing significantly to its output.

On Tuesday, the administration of President Donald Trump announced the termination of a license that had permitted U.S. oil company Chevron to operate and export oil from Venezuela since 2022. This decision follows U.S. accusations against Venezuelan President Nicolas Maduro regarding the lack of progress in essential electoral reforms and the return of migrants. Chevron has until April 3 to cease its oil exports from Venezuela, as stated by the U.S. Treasury Department.

The Venezuelan communications ministry has not provided an immediate response to this decision, while the Office of Foreign Assets Control (OFAC) has yet to issue additional comments. The revocation of the license, which facilitated Chevron’s export of over 200,000 barrels of crude oil daily from Venezuela, was described by Delcy Rodriguez, Venezuela’s vice president, as “a damaging and inexplicable decision.”

Chevron’s joint ventures with the state oil company PDVSA account for more than a quarter of Venezuela’s total oil output. The electoral authority in Venezuela and its top court have endorsed Maduro’s re-election bid in 2024, which remains highly disputed by the opposition, the United States, and various international observers. The Maduro administration has consistently rejected U.S. sanctions, framing them as illegitimate actions constituting an economic war aimed at destabilizing Venezuela.

In summary, the United States has concluded its licensing agreement with Chevron, mandating the company to terminate its oil exports from Venezuela by early April. This decision stems from ongoing tensions regarding electoral reforms and humanitarian issues tied to the Maduro administration. The future of Venezuelan oil output, heavily reliant on Chevron’s operations, now faces uncertainty as political opposition and international sanctions persist.

Original Source: www.cnbc.com

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