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The government of Donald Trump issued an ultimatum to the American oil company Chevron on Tuesday, giving it until April 3, 2025, to wind down its operations and crude oil exports from Venezuela, according to an update of the license published by the U.S. Department of the Treasury.
The measure, which directly impacts Chevron's activities in the South American country, restricts transactions related to the management of the joint ventures between the company and the state-owned Petróleos de Venezuela (PDVSA), under Nicolás Maduro's regime.
Chevron, which in the past has exported more than 200,000 barrels of oil daily from Venezuela, will have to suspend its operations under the new regulations imposed by the Office of Foreign Assets Control (OFAC).
"Starting from March 4, 2025, General License No. 41, dated November 26, 2022, will be replaced and completely revoked by this General License No. 41A," states the OFAC note.
The Venezuelan Ministry of Communications did not provide an immediate response regarding the measure, and the Office of Foreign Assets Control (OFAC) also did not provide additional details about the consequences of this license revocation.
The President of the United States, Donald Trump, announced last Wednesday through his account on Truth Social the revocation of the "concessions" granted by former President Joe Biden to Nicolás Maduro's regime in Venezuela.
The decision ends an agreement on oil transactions and electoral conditions signed on November 26, 2022, which, according to Trump, has not been upheld by the Venezuelan regime.
“We are reversing the concessions that the corrupt Joe Biden gave to Nicolás Maduro of Venezuela regarding the oil transaction agreement and also related to the electoral conditions within Venezuela, which have not been met by Maduro's regime,” stated the U.S. president.
Venezuelan Vice President Delcy Rodríguez described the decision as "damaging and inexplicable" following the announcement of the license revocation last week. The measure impacts Chevron's joint ventures with PDVSA, which account for more than a quarter of Venezuela's oil production.
It is important to remember that Nicolás Maduro's reelection in 2024 was supported by the electoral authority and the Supreme Court of Venezuela, but was strongly rejected by the opposition and the international community, including the United States, which does not recognize the legitimacy of his mandate.
Trump's measure aligns with the economic sanctions imposed on Venezuela, aimed at pressuring Maduro's government and limiting the country's ability to generate income through its main resource: oil.
Frequently Asked Questions about Chevron's Exit from Venezuela and Its Implications
Why did the United States issue an ultimatum to Chevron to leave Venezuela?
Donald Trump's administration seeks to pressure Nicolás Maduro's regime by revoking the license that allowed Chevron to operate in Venezuela. This measure is part of a broader strategy of economic sanctions aimed at limiting the regime's ability to generate revenue through oil, the country's main resource.
How will this measure affect the Venezuelan economy?
Chevron's exit will significantly impact oil production in Venezuela, as joint ventures with Chevron account for more than a quarter of this production. This measure could worsen the already fragile economic situation of the country, which heavily relies on oil for its income.
What is the position of the United States on Nicolás Maduro's government?
The United States does not recognize the legitimacy of Nicolás Maduro's mandate following the 2024 elections, which were deemed fraudulent by Washington and other allied countries. The Trump administration maintains a stance of maximum pressure to force a change in the Venezuelan regime.
What reactions have there been in Venezuela to the decision made by the United States?
The Vice President of Venezuela, Delcy Rodríguez, described the decision as "harmful and inexplicable." The Maduro government has rejected the actions of the United States, calling them imperialist interference, and has reiterated its willingness to resist any attempts of international pressure.
What is the ultimate goal of the Trump administration in Venezuela?
The Trump administration seeks to end the Chavista regime in Venezuela, pressuring Maduro to relinquish power. The strategy includes economic and diplomatic sanctions, as well as coordination with opposition leaders and international allies to facilitate a political transition in the South American country.
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