US President Donald Trump has announced the revocation of Chevron’s 2022 sanctions waiver, effective March 1, 2025. This decision impacts the major oil company, which last year derived 10% of its production from Venezuela. Chevron will now be given a six-month window to cease operations in the country, following the US government’s decision to clamp down on the country’s energy sector.
The revocation of the waiver is part of broader US efforts to increase pressure on Venezuela’s government amid ongoing political and economic turmoil. The move directly affects Chevron’s activities, forcing the company to halt its oil extraction and related operations in Venezuela, a significant market for the firm.
Chevron had previously been granted a license allowing limited operations in Venezuela as part of efforts to navigate the complex sanctions imposed by the US. However, the decision to revoke the waiver marks a shift in the US administration’s stance on engaging with the Venezuelan oil industry.
For Chevron, the transition will require extensive restructuring, as it looks to wind down its operations in Venezuela while managing the potential financial and operational fallout. The company has not yet responded with further details on its course of action in response to the revocation.
This move by the Trump administration signals a tightening of sanctions aimed at isolating Venezuela’s government, with broader implications for US energy policy and global oil markets.
For more details, refer to official statements from the US government and Chevron.
