U.S. President Donald Trump has notified the partners of Venezuela’s state oil company PDVSA—including Spain’s Repsol—that their permits to export crude oil and derivatives from Venezuela have been canceled, U.S. media reported in recent hours.
In addition to Repsol, the affected companies include the U.S.-based Global Oil Terminals, Italy’s Eni, France’s Maurel & Prom, and India’s Reliance Industries. These companies had received special permits to process Venezuelan crude in their refineries worldwide, as an exception to sanctions against the Maduro regime.
These licenses were granted during the administration of Democrat Joe Biden. However, according to U.S. media, most of these oil companies had already suspended Venezuelan oil imports after Trump ordered a 25% tariff on Venezuelan crude and gas buyers earlier this week.
Repsol and Reliance, both with significant US presence, had sought authorization to continue operating in Venezuela to avoid violating sanctions.
Now, the companies have until the end of May to wind down their operations in the Latin American country, intensifying the Trump administration’s campaign to isolate Venezuela. This move also comes amid a broader geopolitical battle in which migration plays a crucial role—Venezuela has consistently refused to accept deported nationals from the U.S.
In February, Venezuela exported 910,000 barrels of crude oil and fuel per day, up from 867,000 in January.
Trump also announced weeks ago the revocation of a key license granted to U.S. company Chevron to operate in Venezuela, requiring it to dismantle its facilities in the country.
Additionally, the U.S. president issued an executive order this week establishing that the United States will begin imposing the aforementioned 25% tariff on any country purchasing Venezuelan oil.
