The administration of US President Donald Trump has begun rescinding permits and licences that previously allowed Western oil firms to operate in Venezuela, as part of its efforts to intensify economic and diplomatic pressure on President Nicolás Maduro, the Financial Times reported.
The Italian energy giant Eni announced on 30 March that it had been notified by US authorities that it was prohibited from receiving oil shipments from Venezuela’s state-owned PDVSA as repayment for the gas it produces in the country.
Eni stated it would hold discussions with officials in Washington to explore ways to continue delivering non-sanctioned gas supplies. ‘Eni consistently conducts its operations in full accordance with international sanctions’, the company said in a statement.
Global Oil Terminals, a trading firm owned by the shipping tycoon and Republican donor Harry Sargeant III, confirmed it had also been notified by the US government that it must begin phasing out its licences to export products from Venezuela.
Several other companies that had received waivers from the US government under former President Joe Biden – including Spain’s Repsol, France’s Maurel & Prom, and India’s Reliance – did not immediately respond to requests for comment.
A spokesperson for the US Treasury declined to comment, as did the Venezuelan government.
The suspension of waivers and licences that allow Western firms to engage with Venezuela’s state oil company, PDVSA, marks the latest escalation by the Trump administration in its campaign to exert pressure on Maduro, who was inaugurated for a third term in January amid widespread allegations of electoral fraud in the July vote.
Last week, Trump announced that the United States would impose a 25 per cent tariff on all imports from countries that purchase Venezuelan oil – a measure that could disrupt global crude markets and significantly increase tariffs on goods from China and India.
Posting on Truth Social, Trump claimed Venezuela had secretly sent thousands of violent criminals to the US.
Over 7.7 million Venezuelans – nearly a quarter of the population – have fled Venezuela amid the repression and economic collapse that have marked Maduro’s 12-year rule, mostly relocating within Latin America.
The move against Eni and Global Oil Terminals comes after the US also revoked Chevron’s licence to operate in Venezuela, despite strong lobbying efforts by the company.
