The US President has announced he was reversing a licence given to the US oil major Chevron to operate in Venezuela, which was originally given to the company by the previous US administration over two years ago. Chevron will no longer be allowed to export Venezuelan crude oil to the United States and US sanctions against Venezuela's national oil company PDVSA will forbid US refineries to buy PDVSA's exports of oil previously carried out by Chevron.
The US President justified this decision by accusing the Venezuelan Government of not meeting democratic conditions for the country’s July 2024 presidential election, as well as of not moving fast enough to transport back to Venezuela immigrants set for deportation.
The US had granted Chevron a license to operate in Venezuela's oil sector in November 2022. In April 2024, the previous US administration decided to reimpose sanctions on the Venezuelan oil sector, however, the authorisation for Chevron “to resume limited natural resource extraction operations in Venezuela" remained allowed.
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