The US government, under President Trump's administration, has revoked authorization for foreign partners of Venezuela's PDVSA to export oil and byproducts, signaling a major shift in policy. This decision follows a history of more lenient licensing under former President Biden, aimed at facilitating oil supplies to refineries globally. With most companies suspending imports after the imposition of secondary tariffs, experts anticipate a steep decline in Venezuela's oil exports. The recent measures echo past efforts in 2020 that significantly reduced the country's oil output, leveraging sanctions to tighten economic pressure on Venezuela.
The US government's cancellation of authorizations for the export of Venezuelan oil is expected to severely impact Venezuela’s oil exports, following a trend from previous administrations.
Former President Biden's administration previously granted export licenses to foreign companies for Venezuelan oil, but the Trump administration's recent tariffs and license cancellations marks a significant policy shift.
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