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In a move to tighten the economic and diplomatic screws on President Nicolás Maduro, the Trump administration is stepping up its efforts by revoking several permits and licenses that have allowed western oil giants to operate in Venezuela.
On Sunday, Italian oil titan Eni announced it had been informed by US authorities that it can no longer receive oil from Venezuela’s state oil company, PDVSA, as payment for the gas it produces in the country. Although this poses a significant hurdle, Eni remains committed to working with Washington to find a way to continue delivering essential gas supplies to local populations while ensuring proper compensation.
“Eni always operates in full compliance with the international sanctions framework,” the company asserted in a press statement.
Global Oil Terminals, under the ownership of shipping mogul and influential Republican supporter Harry Sargeant III, also received word from the US government. Their existing licenses for exporting products from Venezuela need to be phased out soon. Sargeant shared with the Financial Times that his company’s licenses require closure by May 27, and all financial dealings with Venezuelan entities must wrap up by this Wednesday.
Other companies, such as Spain’s Repsol, France’s Maurel & Prom, and India’s Reliance, which previously enjoyed exemptions under former president Joe Biden, haven’t yet responded to inquiries for comments on the situation.
Neither the US Treasury nor the Venezuelan government has provided comments on this development.
Revoking the waivers and licenses signifies the latest strategy by the Trump administration to pressurize Maduro, who controversially began his third term in January against a backdrop of reported election fraud in July.
Adding fuel to the fire, Trump declared last week that the US would enforce a 25 percent tariff on all goods from countries importing oil from Venezuela. This decision could unsettle global crude markets and lead to significantly higher tariffs on goods from nations like China and India.
Consequently, this stirred Venezuela’s black market currency exchange, with the bolívar’s value against the US dollar climbing from nearly 90 at the start of the week to 102 by Friday, surpassing the official rate of 69 bolívars per dollar.
In a bold statement on Truth Social, Trump said, “Venezuela has purposefully and deceitfully sent to the United States, undercover, tens of thousands of high level, and other, criminals, many of whom are murderers and people of a very violent nature.”
The volatile political landscape has driven over 7.7 million Venezuelans—approximately a quarter of the population—to escape oppression and economic ruin under Maduro’s 12-year regime, with most seeking refuge in neighboring Latin American countries.
Eni and Global Oil Terminals’ predicament follows Washington’s recent revocation of Chevron’s license to operate in Venezuela, which happened despite intensive lobbying efforts by the US oil major to maintain its foothold.
Last year, Venezuela exported about 660,000 barrels of crude daily on the global stage, as data from consultancy firm Kpler shows—an operation critical to the country’s economic survival.
Analysts have pegged the value of these exempted licenses, including those involving Chevron and Eni, at over $4.5 billion in revenue for Maduro’s administration last year, with opposition voices claiming these funds were diverted to sustain governmental oppression.
