A sanction followed by a great concession. The president of the United States, Donald Trump, announced a 60 -day extension on Monday, until May 27, of the liquidation period granted to the American oil company Chevron to close its operations in Venezuela … . The measure allows the company to temporarily continue its activities in the South American country, while maintaining an intense pressure campaign, through its lobists in Washington, to obtain new extensions and avoid its final expulsion.
This extension, which arrives after the announcement of last month that Trump would revoke the license granted to Chevron by the administration of Joe Biden, there was just a few hours after the president himself communicated the imposition of a 25% tariff to any country that acquires Venezuelan oil or gas. That measure will enter into force on April 2 and will especially affect nations such as China, Spain and Cuba.
In this way, Chevron – a company based in Texas – obtains an additional deadline to continue operating in Venezuela, while Spain and other Venezuelan oil buying countries face an immediate penalty. Trump justified this tightening alleging that the regime of Nicolás Maduro has sent “deliberately and misleadingly” to tens of thousands of criminals to US territory.
Spain is among countries that could be most affected by the new tariff policy. According to data from the Corporation for Strategic Reserves of Petroleum Products (CORES), in 2024 Spain imported more than three million tons of Venezuelan crude, which represents an increase of 116.1% compared to the previous year and represents 4.7% of the total oil imports.
In 2023, China absorbed 68% of Venezuelan oil exports, consolidating itself as its main energy partner. The United States (23%), Spain and Cuba (4%each) and Singapore (1%) followed.
In a brief appearance before the media, Trump said that tariffs will join others already announced about products such as steel and aluminum, and new reciprocal measures that will announce on April 2. “If I later apply other 20%tariffs, they will have 45%tariffs,” said the president.
A man carries a cap with the logo of the Venezuelan state oil company PDVSA in Caracas
Reuters
Repsol’s efforts
The Spanish company Repsol maintains joint operations with the state -owned PDVSA, covered so far by special licenses granted by the United States. In April 2024, in a context of distension with Chavismo, Repsol announced a significant expansion in Venezuela, by signing an agreement with PDVSA to develop the Tomoporo and CEIBA fields, with reserves greater than 5,000 million barrels. As explained by his CEO, Josu Jon Imaz, the production of Repsol in Venezuela would double until reaching 20,000 barrels per day.
The imposition of these new tariffs generates uncertainty about the future of several active international companies in Venezuelaespecially those that sell raw abroad. In addition to Repsol, companies such as the Italian ENI, India Reliance and others that have maintained operations with conditioned licenses could be affected.
Concern in international markets
The Trump administration has justified these measures as part of a strategy to increase the pressure on Maduro and its surroundings, and to limit the ties of the regime with criminal organizations such as the Aragua train, recently designated as “foreign terrorist organization.”
In addition to the energy sector, Trump announced that additional tariffs on cars and pharmaceutical products are being prepared, with the argument that these measures will encourage investment and return of production to US territory.
These decisions have generated concern in international markets, given the possibility of provoking a Umbunds in oil prices and affect commercial relations between the United States and their strategic partners. At the same time, they could reduce the volume of imports of Venezuelan crude from countries that want to avoid new tariffs, affecting the liquidity of the Maduro regime.
Since Trump returned to the White House, Chevron has intensified its Lobby activity to maintain its presence in Venezuela, thus avoiding a total embargo scenario like the one he lived during the first mandate of the Republican.
The company’s executive director, Mike Wirth, personally led the efforts in Washington. He held private meetings with cabinet members, including Secretary of State, Marco Rubio, and Treasury Secretary Scott Besent. He also met with Trump at the White House, in a meeting organized by the American Petroleum Institute who brought together executives in the energy sector.
During those meetings, Wirth argued that A Chevron withdrawal would open space to rival powers like Chinaand that the presence of the company in Venezuela served to maintain some economic stability in the region. According to sources close to these efforts, Chevron requested a minimum area of 60 days beyond the original April 3, which Trump had set to close its operations. The company finally achieved the extension until May 27.
Trump has resumed contact with the Chavista dictatorship, recently sent to his advisor to negotiate directly with Maduro, but at the same time he has tried to end the oil operations of the United States and his partners in Venezuela, which would mean a great setback for the regime and its access to liquidity.
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