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WASHINGTON (Reuters) - The Trump administration said on Tuesday it was terminating a license it had granted U.S. oil producer Chevron since 2022 to operate in Venezuela and export oil, after Washington accused President Nicolas Maduro of failing to make progress on electoral reforms and returning migrants.
Chevron will have until April 3 to stop exports from Venezuela, according to an updated license published by the U.S. Treasury Department.
Venezuela’s Communications Ministry did not immediately respond to a request for comment on the measure. The department’s Office of Foreign Assets Control (OFAC) did not provide further guidance.
When the reversal of the license, which allowed Chevron to export more than 200,000 barrels per day of Venezuelan crude, was announced by Trump last week, Venezuelan Vice President Delcy Rodriguez called it “a damaging and inexplicable decision.”
Chevron's joint ventures with state oil company PDVSA account for more than a quarter of the country's total oil production.
Maduro's 2024 re-election has been supported by Venezuela's electoral authority and top court, but vehemently opposed by the opposition, the US and others.
Maduro and his government have consistently rejected sanctions from the United States and other countries, saying they are illegitimate measures that amount to an “economic war” aimed at crippling Venezuela.
(Reporting by Timothy Garder and Marianna Parraga)
