Trump gives Chevron more time to get out of Venezuela and tightens the screw against Maduro

Donald Trump's administration announced the extension of the permit granted to Chevron to continue operating in Venezuela until May 27, in the context of new pressure measures against the regime of Nicolás Maduro. The Treasury Department published the decision on the same day that Trump announced a 25% tariff on any country importing Venezuelan oil or gas, arguing economic and national security reasons.

Extension of operations and restrictions

The new license issued by the Office of Foreign Assets Control (OFAC) extends the deadline to settle transactions previously authorized under the 2022 agreement, allowing Chevron to continue operating its joint ventures in Venezuela alongside state-owned PDVSA. However, the provision prohibits the payment of taxes or royalties to the Venezuelan regime, as well as the sale of crude oil to third countries outside the United States, a concession that the Biden administration had allowed and that benefited Maduro.

Trump had initially granted Chevron a 30-day deadline, beginning March 4, to end its operations in Venezuela. However, the administration decided to extend the license with additional restrictions, keeping the pressure on Caracas.

Experts say this extension has two main objectives: to avoid interruptions in oil supply to the United States and to ensure that Chevron receives outstanding payments for previous shipments. The measure was announced shortly after a meeting between Trump and Chevron CEO Mike Wirth, in which they discussed the restrictions imposed on the company and their impact on operations in Venezuela.

Increased pressure against the Maduro regime

In parallel, Trump made official a 25% "secondary tariff" on any nation that purchases Venezuelan crude oil, a measure that will go into effect on April 2. "Any country that purchases oil and/or gas from Venezuela will be forced to pay a tariff of 25% to the United States on any trade they do with our country," the president stated.

Trump justified his decision by pointing to Maduro's hostile stance towards Washington and accusing his regime of facilitating the entry of criminals and gang members into the United States. These statements come on top of recent deportation actions of Venezuelan migrants under his administration, some of which have been blocked by U.S. courts.