Trump Revokes Permits to US, Foreign Oil Firms in Venezuela
(Bloomberg) -- The Trump administration revoked permits and waivers allowing Western energy firms to operate in Venezuela, three people familiar with the issue said Saturday. The move further isolates Venezuelan President Nicolas Maduro from the world oil market.
The decision covers a number of companies including US oil firm Global Oil Terminals, led by energy magnate Harry Sargeant III.
Spain’s Repsol and France’s Maurel et Prom are among the other companies that must wind down operations in Venezuela by May 27, the people said.
The decision also targets licenses issued to Venezuelan gas companies that hold deals with the state petroleum company, PDVSA, one of the people said.
The US Treasury Department had issued different permits to international oil and gas companies, including licenses, waivers or letters of comfort, to allow them to conduct different operations in Venezuela, such as exporting PDVSA’s oil, despite sanctions.
Sargeant’s Global Oil Terminals must also end financial transactions with PDVSA by April 2 and pay any remaining debt owed for the purchases of asphalt oil. The Wall Street Journal reported late Friday that Sargeant’s oil-trading company was ordered to leave Venezuela, citing a letter from Treasury.
The Trump administration recently gave Chevron a May 27 deadline to wrap up its operations with Venezuela as a way to pressure Maduro’s autocratic regime to make democratic reforms and accept the return of more Venezuelans who had migrated to the US.
Sargeant had initially obtained a two-year-waiver in May of last year, allowing Global Oil Terminals to purchase and transport asphalt to the US and the Caribbean.
The US Treasury Department declined to comment, and the White House, National Security Council and State Department didn’t immediately respond to requests for comment.
Repsol, Maurel et Prom and PDVSA didn’t immediately reply to a request for comment.
©2025 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Asian Shares Rise After Selloff On Trump’s Tariffs: Markets Wrap

Sempra to Sell Assets as Utilities Raise Money for AI Boom

China Vanke Due as Chinese Developers See Signs of Recovery

S&P 500 Sinks 2% as Economic Fears Spur Bond Rally: Markets Wrap

Oil Poised for Third Weekly Gain Ahead of More Trump Tariffs

Oil Holds Gain as US Posts Biggest Drop in Stockpiles This Year

Oil Holds Steady as Report Points to Big Drop in US Stockpiles

China Refiners Face Yet Another Blow as Trump Presses Venezuela

Billion-Dollar US Levies on Chinese Ships Risk ‘Trade Apocalypse’
