The Venezuelan oil crisis reached a particularly tense moment with Chevron’s return of oil shipments to Petróleos de Venezuela S.A. (PDVSA). This incident, which took place in April 2025, highlighted the existing tensions in Venezuela’s oil industry.
The Nicolás Maduro regime continues to blame the prolonged crisis on sanctions imposed by the U.S. government; however, an analysis of the situation suggests that the collapse of the Venezuelan oil industry seems to stem from a complex interplay of factors.
We are talking about severe financial and operational restrictions that are indeed a consequence of those sanctions, but also arise from internal complications within PDVSA associated with payments and a complicated payment system that likely played a key role in the cancellation of these authorizations.
This event, which followed the revocation of a key license for Chevron by the U.S. and the imposition of a tariff on Venezuelan crude, underscores Venezuela’s economic difficulties and the complex international relations affecting its oil sector. The situation raises questions about the future of Venezuelan oil production and exportation, as well as the role of other global players like China and Russia.
Chevron’s Return of Shipments
On April 10, 2025, the Venezuelan regime’s vice president, Delcy Rodríguez, announced that the U.S. oil company Chevron had returned shipments of Venezuelan crude due to U.S. sanctions.
Rodríguez stated that this return was due to “the impossibility and restrictions that have been imposed (on Chevron) to pay for them to Venezuela”. At the same time, the official claimed that this oil is being traded on international markets, but did not provide further details.
Even though Chevron was allowed to operate in Venezuela until May 27 under the condition that it would not pay taxes, royalties, or dividends to Venezuela, the authorization was canceled, preventing the loading and export of Venezuelan crude.
It is known that by the time of Rodríguez’s announcement, at least two shipments were returned to Amuay while already in transit, loaded onto the vessels Dubai Attraction and Carina Voyager. However, currently around nine ships chartered by Chevron remain anchored in Venezuelan waters awaiting instructions.
Delcy Rodríguez directly blamed U.S. sanctions for this situation, specifying that they prevented necessary payments, an event that she labeled within what the Maduro regime has called the “economic war” against Venezuela.
U.S. Sanctions
Chevron began operating in Venezuela in 1923, but this relationship became strained following the imposition of sanctions by the U.S. government on Nicolás Maduro’s regime and state-owned PDVSA.
This occurred under Donald Trump’s first administration in 2019, when U.S. sanctions on the Venezuelan oil sector intensified, severely impacting PDVSA’s operations and forcing companies like Chevron to operate under strict licenses.
In November 2022, Joe Biden’s government granted Chevron General License 41 (GL 41), allowing for a limited resumption of production and export—around 250,000 barrels daily, primarily destined for the United States. The condition was that revenues would be used to pay off debts to Chevron, with no direct payments to the Venezuelan government.
In February 2025, already in the second and current Trump administration, this license was revoked and replaced with General License 41B, which further restricted Chevron’s activities. Now, only closure operations were permitted and any payments to PDVSA or expansion of activities were forbidden until May 27, 2025.
Additionally, the Trump administration imposed a 25% tariff on Venezuelan crude in April 2025, primarily affecting China, the main buyer. These actions complicated the situation for Chevron, leading to the cancellation of loading authorizations.
Financial and Operational Complications
Trump imposed a 25% tariff on Venezuelan crude in April 2025
Although the Maduro regime attributes the Venezuelan oil crisis to the sanctions, international sources suggest that “the internal financial problems of PDVSA and payment complications also played a significant role in the cancellation of these authorizations.”
The General License 41 allowed Chevron to produce and export, but the revenues had to be exclusively allocated to paying debts to PDVSA, with no direct payments to be made to them or the government.
The revocation of GL 41, along with the imposition of GL 41B, made it “almost impossible for Chevron to settle debts with PDVSA” due to even stricter restrictions on payments. The sanctions prohibited “direct financial transactions between Chevron and PDVSA,” complicating the execution of prior agreements.
Economic Impact in Venezuela
Oil exports have been—and continue to be—the largest source of income for Venezuela, which has made the country dependent on oil revenues, generating approximately 85% of its income.
Thus, the cancellation of authorizations and the return of shipments have a direct impact on production and exports, which were already at historically low levels due to a lack of investment and declining operational capacity.
The loss of approximately 250,000 barrels per day in exports could exacerbate inflation and accelerate the economic crisis, with estimates of losses amounting to up to USD 4 billion in revenues by 2026.
The incident “reflects the growing difficulty Venezuela faces in managing its oil sector amid international sanctions.”
Geopolitical Perspectives and Controversies
The Venezuelan regime categorizes U.S. sanctions as part of a “economic war” waged against them with the aim of destabilizing the country and overthrowing Nicolás Maduro. Meanwhile, the U.S. justifies the sanctions as a strategy to pressure for democratic reforms and reduce migration affecting the region.
The void left by Chevron could be seized by “China and Russia, who have increased their influence in Venezuela” and have been acquiring Venezuelan oil at lower prices without the same regulatory restrictions.
This shift could alter the dynamics of the international oil market, forcing buyers to adapt to the new conditions.
Conclusion: A Reflection of a Complex Situation
The incident involving the return of shipments reflects the complex interaction between U.S. sanctions, the operational difficulties of PDVSA, and global geopolitical interests.
While Venezuela blames the sanctions, the financial restrictions imposed by them have created nearly insurmountable obstacles for Chevron’s operations. The situation underscores the complexity and long-term ramifications for Venezuela’s economic and political stability.
Summary Table of Licenses and Restrictions
LicenseIssuance DateDurationPermitted ActivitiesKey RestrictionsGL 41 (Original)November 26, 2022Monthly RenewalProduction, export to the U.S., maintenanceNo payments of taxes, royalties or dividends to PDVSA/governmentGL 41B (Closure)March 24, 2025Until May 27, 2025Closure activities, sales only to the U.S.Prohibition of payments to PDVSA, no expansion to new fields