Kelly Saberi Fox Business reports on how Trump’s foreign policy relations with Venezuela affect the oil Chevron productions.
He ended Chevron Oil productionFour sources close to Reuters decisions said that the service and purchasing contracts that were forced to work in Venezuela and delegate the governance of joint participation to its partner, and they intend to keep its direct employees in the country.
The sections of the state and the treasury gave companies such as Chevron, Murel, the Prom and Repsol program until May 27 to receive shipments of Venezuelan crude oil, fuel and secondary products as historians give them Biden Administration It was canceled amid the Strong Trump Administration position towards Venezuela, which the US government imposed.
Other clients also received their last shipments in recent days before the deadline for calming shipments from Venezuela.
Chevron ended production, service and purchases for oil that had to work in Venezuela. (Dado Ruvic / Reuters / Reuters)
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In April, PDVSA canceled shipments that are scheduled to be delivered to Chevron, noting the uncertainty in paying US sanctions that reduce time to conclude these transactions.
Chevron’s license to work in Venezuela ended on Tuesday, although sources told Reuters that Chevron had received directives from Trump administration This will allow the preservation of its shares, assets and employees in Venezuela.
After the new guidelines, Chevron’s executive directors met this week with contractors and senior Veerague officials, including Oil Minister Delsey Rodriguez, to inform them of the following steps.
Mike Worth, CEO of Chevron, presents the main address, where senior executives and ministers at Houston meet at the annual GASTECH conference in Houston, Texas, on September 17, 2024. (Calhan Ohair / Reuters / Reuters)
Under the new mandate, Chevron cannot operate oil fields in Venezuela, export their activities or expand their activities because they are to avoid any possible payments to the management of President Nicholas Maduro.
The US Treasury did not respond to a request for comment. Chevron said it remains compatible with all applicable laws and regulations, including the framework of the sanctions stipulated by the United States
“The attacks and illegal measures against PDVSA have not stopped growing,” the government company said in a statement on Wednesday. Exit in oil fields It was normal. “Our contribution to the growth of the economy does not need licenses.”
Chevron’s license to work in Venezuela ended on Tuesday, although sources told Reuters that Chevron had received instructions from the Trump administration, which will allow it to maintain its shares, assets and employees in Venezuela. (Jonathan Raa / Nurphoto via Getty Images / Getty Images)
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Analysts expect that without licenses, oil production in Venezuela will decrease and export 15-30 % by the end of 2026. This follows a slow recovery that pushes the country’s average production to about one million barrels per day.
The government of Venezuela, led by Nicholas Maduro, rejects sanctions, and officials said it is up to an “economic war.”
Reuters contributed to this report.
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