U.S. Tightens Grip on Venezuelan Oil: Changes in Sanction Policies Loom

The U.S. administration plans to cancel authorizations allowing foreign companies to export Venezuelan oil, following President Trump's recent imposition of tariffs. This move is expected to further restrict Venezuela's oil exports and signals a significant policy shift, emphasizing electoral reform and immigration concerns.

The United States government is set to revoke authorizations that have permitted foreign companies to export Venezuelan oil, a move driven by President Donald Trump's administration, reliable sources confirm. This comes after a recent hike in tariffs designed to penalize buyers of Venezuelan oil and gas.

Numerous international corporations, including Spain's Repsol and India's Reliance Industries, previously benefited from these authorizations under former President Joe Biden's administration. The licenses had been instrumental in enabling refineries to secure essential oil supplies amid U.S. sanctions.

The combined force of new tariffs and license revocations is anticipated to further constrict Venezuela's oil exports, reversing recent growth. In a broader policy adjustment, Trump's administration has also targeted Venezuelan migration and pressed for electoral reforms, drawing sharp criticism from President Nicolas Maduro.

(With inputs from agencies.)