Mon Mar 31 16:23:37 UTC 2025: ## US Revokes Oil Licenses in Venezuela, Impacting Major International Firms

**Caracas, Venezuela – March 31, 2025** – The United States has revoked the licenses of several international oil and gas companies operating in Venezuela, Venezuelan Vice President Delcy Rodriguez announced Sunday. This action, part of the US’s ongoing economic pressure campaign against Venezuelan President Nicolas Maduro, affects both American and international firms previously granted special operating permits despite existing sanctions.

French oil company Maurel & Prom (M&P) confirmed its license revocation on Monday, stating it must cease Venezuelan operations by May 27th. The US Treasury’s Office of Foreign Assets Control (OFAC) is reportedly behind the move, targeting companies operating under similar authorizations. This follows the February revocation of Chevron’s license and a Saturday report that Global Oil Terminals was ordered to cease operations. Repsol, Eni, and Reliance Industries are also expected to be affected.

The revocations impact significant production: Chevron produced approximately 220,000 barrels per day (bpd), Repsol around 65,000 bpd, and M&P about 20,000 bpd. While Venezuela claims to be prepared for this situation and ready to continue honoring contracts, the US action further strains the country’s already struggling oil sector, which has fallen from over three million bpd 25 years ago to approximately one million bpd today.

The move is the latest escalation in the US’s efforts to pressure Maduro, including the recent announcement of 25% tariffs on imports from countries purchasing Venezuelan oil and gas. The US does not recognize Maduro’s claim to victory in last year’s elections. The long-term consequences for Venezuela’s economy and the impacted international companies remain to be seen.

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