Trump Expands Venezuela Sanctions to Force Out Foreign Oil Companies

The Trump administration will force more oil companies to cease operations in Venezuela within the next month. French oil producer Etablissements Maurel & Prom SA and an asphalt company led by Florida oil tycoon Harry Sargeant face imminent restrictions.

Both companies must terminate their Venezuelan operations within 30 days once the US Treasury revokes their sanctions waivers. Trump already cancelled Chevron’s license on February 26, giving the American oil giant until April 3 to wind down activities.

The president cited Venezuela‘s unfulfilled electoral reform promises and slow progress accepting deported migrants as key motivations. This shortened timeline represents a significant escalation from the standard six-month wind-down period typically granted.

Venezuela’s petroleum industry currently produces around 900,000 barrels daily, far below historical highs. Chevron alone accounts for approximately 25% of that production, making its departure particularly damaging.

Maurel & Prom reached 22,742 barrels daily production in January 2025 at its Venezuelan operations. This represented a 70% increase from early 2024 levels through their joint venture with Venezuela’s state oil company.

Oil once represented 96% of Venezuela’s export value, making these departures devastating for the already struggling economy. Economic experts predict further inflation and currency devaluation if the sanctions continue.

Vice President Delcy Rodríguez called Trump‘s decision “harmful and inexplicable” while seeking alternative investments from Turkey and India. Venezuelan officials warn that increased sanctions will likely accelerate migration toward the United States.

Oil prices climbed more than 2% after Trump’s initial announcement about Chevron. The administration appears determined to maximize pressure on Maduro despite concerns about creating opportunities for Chinese and Russian companies in the region.

More: Latin America news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error