The Trump administration has revoked the licenses and permits granted to companies connected with Venezuela's state-owned oil company, PDVSA, as confirmed by EFE through reports from U.S. media. Among the firms affected by this decision are Spain's Repsol, the U.S.-based Global Oil Terminals, Italy's Eni, France's Maurel & Prom, and India's Reliance Industries.
Eni, headquartered in Italy, disclosed to The Financial Times that it had been informed by U.S. authorities on Sunday that it could no longer receive oil supplies from PDVSA as compensation for the gas it produces in Venezuela. Eni stated, "We always operate in strict compliance with international sanctions," and mentioned plans to seek ways to continue its operations without breaching sanctions.
Global Oil Terminals, owned by tycoon Harry Sargeant III, also received a directive from the U.S. government to terminate its licenses for exporting products under the Maduro regime. The company's president indicated that these licenses must be dissolved by May 27, and all payments to Venezuelan entities should be completed by this Wednesday.
The permits, initially granted during Joe Biden's presidency, have been revoked as part of the latest efforts by the Trump administration to pressure Nicolás Maduro, who began a third term in January despite widespread evidence of election fraud in July 2024. Last week, President Trump announced a 25% tariff on all imports from countries purchasing oil or gas from Venezuela.
In a post on Truth Social, Trump defended the measure, claiming that Maduro's government has intentionally and deceitfully sent tens of thousands of criminals to the United States, including members of the Tren de Aragua, labeled as a "Foreign Terrorist Organization."
This announcement comes amid escalating tensions between the two nations. Earlier in February, Venezuela and the United States reached an agreement on deporting Venezuelan migrants, with Caracas agreeing to accept all repatriated individuals. However, recent weeks have seen complications, with Maduro's administration refusing to accept some flights carrying deportees. This has prompted the Trump administration to warn of severe sanctions if Venezuela fails to adhere to the agreed terms.
One of these measures was retracting the "concessions" granted by former President Joe Biden to the Maduro regime concerning oil transactions and electoral conditions signed on November 26, 2022.
Understanding the Impact of Oil Export License Revocation
What companies are affected by the revocation of oil export licenses?
The companies impacted include Repsol from Spain, Global Oil Terminals from the United States, Eni from Italy, Maurel & Prom from France, and Reliance Industries from India.
Why has the Trump administration revoked these oil export licenses?
The revocation is part of the Trump administration's strategy to exert pressure on the Maduro regime in Venezuela, which is seen as fraudulent and corrupt by the current U.S. government.
What actions did President Trump take against countries buying oil from Venezuela?
President Trump announced a 25% tariff on all imports from nations that purchase oil or gas from Venezuela, as part of efforts to isolate the Maduro regime.