President Donald Trump’s administration said on Tuesday it is ending a license that it had granted to U.S. oil producer Chevron since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.
Chevron will have through April 3 to wind down exports from Venezuela, according to an update of the license, published by the U.S. Treasury Department.
The Venezuelan communications ministry did not immediately respond to a request for comment on the move. The Office of Foreign Assets Control (OFAC) Department did not provide further guidance.
When the reversal of the license, which has allowed Chevron to export more than 200,000 barrels per day of crude from Venezuela, was announced by Trump last week, Venezuela’s vice president Delcy Rodriguez called it “a damaging and inexplicable decision.”
Chevron’s joint ventures with state oil company PDVSA represent over a quarter of the country’s entire oil output.
Maduro’s 2024 re-election was backed by Venezuela’s electoral authority and top court, but vehemently contested by the opposition, the U.S. and others.
Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an “economic war” designed to cripple Venezuela.
