The Venezuelan oil crisis reached a critical point when Chevron returned shipments of oil to Petróleos de Venezuela S.A. (PDVSA) in April 2025. This event highlighted the existing tensions in Venezuela’s oil industry.
The regime of Nicolás Maduro continues to blame the prolonged crisis on sanctions imposed by the US government, but 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 indeed result from these sanctions but are also related to internal complications within PDVSA concerning payments and the complicated payment system that has played a significant role in canceling these authorizations.
This incident, which occurred following the revocation of a key license for Chevron by the US 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 exports, 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 American oil company Chevron had returned shipments of Venezuelan crude due to US sanctions.
Rodríguez stated that this return was due to the “impossibility and restrictions imposed on Chevron to pay Venezuela.” At the same time, the official claimed that this oil is being marketed in international markets, but she did not provide details about it.
Although Chevron was allowed to operate in Venezuela until May 27 under the condition that it would not pay taxes, royalties, or dividends to Venezuela, this 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 had been returned to Amuay while already en route, loaded on the Dubai Attraction and Carina Voyager vessels. However, currently, about nine ships chartered by Chevron remain anchored in Venezuelan waters awaiting instructions.
Delcy Rodríguez directly blamed the US sanctions for this situation, saying they prevented necessary payments, a fact that she classified as part of what the Maduro regime has labeled the “economic war” against Venezuela.
US Sanctions
Chevron began its operations in Venezuela in 1923, but this relationship soured due to sanctions imposed by the US government on Nicolás Maduro’s regime and PDVSA.
During Donald Trump’s first administration in 2019, US 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, the Joe Biden administration granted Chevron General License 41 (GL 41), allowing for a limited resumption of production and export—around 250,000 barrels per day intended mainly for the US. The condition was that revenues would be used to pay debts to Chevron, without direct payments to the Venezuelan government.
In February 2025, under Trump’s second current administration, this license was revoked and replaced by General License 41B, further restricting Chevron’s activities. Now only closure operations were permitted, and any payments to PDVSA or expansion of activities were banned until May 27, 2025.
Additionally, the Trump administration imposed a 25% tariff on Venezuelan crude in April 2025, which primarily impacted China, the main buyer. These moves 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
While the Maduro regime attributes the Venezuelan oil crisis to sanctions, international sources suggest that “internal financial problems of PDVSA and complications with payments also played a significant role in the cancellation of these authorizations.”
General License 41 allowed Chevron to produce and export, but the revenues had to be exclusively used to pay debts to PDVSA, without any direct payments to the company or the government.
The revocation of GL 41, along with the imposition of GL 41B, made it “nearly impossible for Chevron to settle debts with PDVSA” due to the even stricter payment restrictions. The sanctions prohibited “direct financial transactions between Chevron and PDVSA,” complicating the execution of prior agreements.
Economic Impact on Venezuela
Oil exports have been— and continue to be— the largest source of income for Venezuela, making the country heavily dependent on oil revenue, which generates approximately 85% of its income.
Therefore, 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 about 250,000 barrels per day in exports could exacerbate inflation and accelerate the economic crisis, with loss estimates of up to USD 4 billion in revenue by 2026.
The incident “reflects the growing difficulty for Venezuela to manage its oil sector amid international sanctions.”
Geopolitical Perspectives and Controversies
The Venezuelan regime categorizes the US-imposed sanctions as part of the “economic war” they claim is aimed at destabilizing the country and overthrowing Nicolás Maduro. Meanwhile, the US justifies the sanctions as a strategy to pressure for democratic reforms and reduce migration affecting the region.
The vacuum left by Chevron could be exploited by “China and Russia,” who have increased their influence in Venezuela by 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 of the returned shipments is a reflection of the complex interplay between US sanctions, PDVSA’s operational difficulties, and global geopolitical interests.
While Venezuela blames the sanctions, the financial restrictions imposed by them have created nearly insurmountable obstacles for Chevron’s operations. This situation highlights the complexity and long-term repercussions for the economic and political stability of Venezuela.
Summary Table of Licenses and Restrictions
LicenseIssued DateDurationPermitted ActivitiesKey RestrictionsGL 41 (Original)November 26, 2022Renewed monthlyProduction, export to the US, maintenanceNo payments of taxes, royalties, or dividends to PDVSA/governmentGL 41B (Closure)March 24, 2025Until May 27, 2025Closure activities, sales only to the USProhibition of payments to PDVSA, no expansion to new fields