In recent years, under former President Joe Biden, the U.S. granted these authorizations as exceptions to its sanctions regime to secure Venezuelan oil for refineries in countries including Spain, Italy, France, India, and the United States. Companies such as Spain's Repsol, Italy's Eni, France's Maurel & Prom, India's Reliance Industries, and U.S.-based Global Oil Terminals had received licenses or comfort letters from Washington.
However, most of these companies had already begun suspending imports of Venezuelan oil after the Trump administration imposed secondary tariffs on buyers of the country’s oil and gas this week, according to sources and vessel tracking data.
The combination of license cancellations and tariffs is expected to squeeze Venezuela’s oil exports in the coming months. In February, Venezuela exported 910,000 barrels per day (bpd) of crude and fuel, an increase from 867,000 bpd in January. But with these new restrictions, exports are likely to fall further, reversing gains seen earlier this year.
Similar measures during Trump’s first administration in 2020 significantly reduced Venezuela’s oil production and exports, forcing PDVSA to rely on intermediaries to send oil to China and enter into agreements with Iran. Many of these middlemen continue to do business with PDVSA.
Neither PDVSA, Repsol, Eni, Maurel & Prom, Reliance, nor the U.S. State Department immediately responded to requests for comment. The U.S. Treasury Department declined to comment, and Global Oil could not be reached.
Chevron’s License Also Revoked
Last month, Trump announced the impending cancellation of a key license allowing U.S. oil giant Chevron to operate in Venezuela and export crude to the U.S. Shortly afterward, the Treasury Department ordered Chevron to begin winding down its Venezuelan operations, later extending the deadline to May 27.
The removal of Chevron’s license signals a major shift in Washington’s policy toward Venezuela, coinciding with Trump’s broader efforts to curb migration—particularly of Venezuelans entering the U.S. illegally.
Following reports of irregularities in President Nicolás Maduro’s controversial 2024 reelection, Trump has increased pressure on Caracas, citing a lack of progress on electoral reforms and migrant repatriation efforts.
It remains unclear whether all PDVSA partners have been given the same May 27 deadline to wind down operations or if different companies will face varying timelines. The exact terms of Chevron’s license termination also remain uncertain.
U.S. Secretary of State Marco Rubio recently stated that foreign oil companies operating in Venezuela would receive new policy guidance soon.
In response, Maduro has strongly condemned the sanctions, calling them an act of “economic war” against Venezuela.